Article 15. Mandatory types of insurance and the grounds and procedure for making a guarantee payment under life insurance contracts concluded within the framework of the state educational savings system Chapter 5. Guarantee payments and other protection measures Law on the insurance payment guarantee fund

     1.the right to claim to the Fund for making a guarantee payment arises in the creditor from the date of the decision of the authorized body to revoke the license and appoint a temporary administration of the participating insurance organization.

     Creditors:

     1) for all insured events initiated in the period preceding the decision of the authorized body on the deprivation of a license and the appointment of a temporary administration of the participating insurance organization under insurance contracts, in which the liquidated insurance organization unlawfully refused (in whole or in part) the insurance payment or did not fulfill it in full;

     2) in cases of insurance initiated in the period from the date of the decision of the authorized body to revoke the license and appoint a temporary administration of the participating insurance organization to the date of issue (acceptance) of the insurance portfolio of the insurance (reinsurance) organization, liquidated in accordance with the procedure provided for by the law of the Republic of Kazakhstan "on insurance activities;

     3) to receive a guarantee payment for insured events, the beginning of which is declared after the liquidation of the insurance (reinsurance) organization and the obligations on them are not provided as part of the insurance portfolio of the liquidated insurance (reinsurance) organization.

     2.if the creditor has the right to claim the Fund on the grounds provided for in subitems 1) and 2) of part two of Paragraph 1 of this article, the creditor has the right to apply with a written request to make a guarantee payment to the Fund in the period from the date of the decision of the authorized body to revoke the license of the insurance

     In case of submission (acceptance) of the insurance portfolio of the liquidated insurance (reinsurance) organization in accordance with the procedure provided for by the law of the Republic of Kazakhstan "on insurance activities" before the expiration of two months from the date of entry into force of the court decision on compulsory liquidation of the insurance organization-participant, the creditor applies to the insurance organization-participant who accepted the insurance portfolio of the liquidated insurance (reinsurance) organization with a written application for making a guarantee payment.

     In the absence of supporting documents, the creditor has the right to apply to the temporary administration of the liquidated insurance organization or the liquidation Commission of the forcibly liquidated insurance organization with a request to transfer the relevant documents to the fund or to the participating insurance organization that accepted the insurance portfolio of the liquidated insurance (reinsurance) organization.

     3.in the cases provided for in Paragraph 1 of this article, upon the occurrence of an insured event under an insurance contract, the creditor has the right to apply directly to the fund or to the participating insurance organization with a requirement to make a guarantee payment.

     In accordance with paragraph 2 and part one of Paragraph 3 of this article, after receiving the creditor's claim, the fund or the participating insurance organization is obliged to work on determining the insured event and the amount of damage caused in accordance with the procedure provided for by the laws of the Republic of Kazakhstan and (or) the insurance contract.

     4.after the creditor or the participating insurance organization has submitted a complete set of documents necessary for making the guarantee payment, the Fund makes a decision on making the guarantee payment or on refusing to make the guarantee payment.

     5.The Fund shall reimburse the expenses of the participating insurance organizations related to the implementation of the activities provided for in paragraph 3 of this article, including expenses for the assessment of damaged property, in the amount of actual expenses, but not more than seven monthly calculation indices.

     6.features, procedure and amounts of guarantee payments are determined in accordance with this law and a regulatory legal act of the authorized body.

     7.other expenses, including those previously collected in court from the liquidated insurance (reinsurance) organization, with the exception of moral damage, unearned profit, forfeit under the insurance contract and expenses provided for in paragraph 5 of this article, shall not be covered by the guarantee payment.

     8.guarantee payment to creditors is made by agreement of the parties directly from the fund or through the Agent Bank to the creditor's bank account in non-cash form or in cash.

     9.from the date of making the guarantee payment to the creditor of the liquidated participant-insurance organization, the creditor's right of claim under the insurance contract is transferred to the Fund in the amount of the guarantee payment carried out.

     The fund submits to the liquidation Commission of the liquidated insurance organization in accordance with the procedure provided for by the legislation of the Republic of Kazakhstan, or to this insurance organization participant in the event that the court decides to cancel the decision of the authorized body to deprive the insurance organization participant of the license.

      10. notification on making guarantee payments to creditors of the insurance (reinsurance) organization, distributed in case of insured events initiated by the fund from the date of receipt of a copy of the decision of the authorized body to deprive the insurance (reinsurance) Organization of the license in Kazakh and Russian languages:  

     1) two working days on the fund's internet resource;

     2) within ten working days in two periodicals distributed throughout the territory of the Republic of Kazakhstan and on Kazakhstan's information internet resources.

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

     This law defines the legal status of the insurance payments guarantee fund, the procedure for its creation and activities, as well as the conditions for participation of insurance organizations, branches of non-resident insurance organizations of the Republic of Kazakhstan in the insurance payments guarantee fund and the principles of ensuring control over its activities.

President    

Republic of Kazakhstan     

© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan  

 Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases