Article 15. The Company's activities The Law on Mutual Insurance

Home / RLA / Article 15. The Company's activities The Law on Mutual Insurance

1. Mutual insurance is the main activity carried out by the company.

2. In addition to mutual insurance activities, the Company has the right to carry out the following types of activities:

1) investment activity in accordance with the procedure provided for by the regulatory legal act of the authorized body;

2) granting loans to its members within the limits of the redemption amount stipulated by the relevant cumulative insurance contract;

3) issuing loans to its members to pay insurance premiums;

4) the sale of specialized software used to automate the activities of companies;

5) the sale of specialized literature on insurance and insurance activities on any type of media;

6) sale or lease of property previously acquired for the needs of the company;

7) provision of consulting services on issues related to insurance activities;

8) organizing and conducting training in order to improve the skills of specialists in the field of mutual insurance.

3. The Company is prohibited from carrying out transactions and operations not provided for in paragraphs 1 and 2 of this Article.

3-1. The Company is obliged to provide the authorized financial monitoring body with information and information in accordance with the Law of the Republic of Kazakhstan "On Countering the Legalization (Laundering) of Proceeds from Crime, financing of terrorism and financing the proliferation of weapons of Mass Destruction."

4. The company's participation in other legal entities is not allowed, except in cases of association of mutual insurance companies into associations (unions), as well as the creation of a consortium by them on the basis of a joint business agreement.

5. The Company has the right to establish branches and representative offices in accordance with the legislation of the Republic of Kazakhstan.

6. The Company is obliged to grant equal rights provided for by this Law to all members of the company.

The Law of the Republic of Kazakhstan dated July 5, 2006 No. 163.

This Law regulates public relations related to the implementation of mutual insurance and establishes the legal basis for the activities of mutual insurance companies.

President

Republic of Kazakhstan

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