Article 14. Improper fulfillment of obligations to pay mandatory and extraordinary contributions The Law on the Insurance Benefit Guarantee Fund

Home / RLA / Article 14. Improper fulfillment of obligations to pay mandatory and extraordinary contributions The Law on the Insurance Benefit Guarantee Fund

 1. The Fund reconciles the amounts of mandatory and (or) extraordinary contributions paid with the participating insurance company in accordance with the Fund's internal documents.

In case of non-payment of mandatory and (or) extraordinary contributions in full, the Fund is obliged to notify the authorized body within seven working days from the due date of payment about the improper fulfillment by the participating insurance organization of its obligations under this Law.

2. Upon receipt of the Fund's notification on improper fulfillment by the participating insurance organization of obligations to pay mandatory and emergency contributions, the authorized body applies supervisory response measures to such insurance organization provided for by the legislation of the Republic of Kazakhstan on insurance and insurance activities.

The Law of the Republic of Kazakhstan dated June 3, 2003 No. 423.

This Law defines the legal status, the procedure for the establishment and operation of the Insurance Benefit Guarantee Fund, as well as the conditions for the participation of insurance organizations, branches of insurance organizations that are non-residents of the Republic of Kazakhstan in the Insurance Benefit Guarantee Fund and the principles of ensuring control over its activities.

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Republic of Kazakhstan

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