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Home / Laws / Article 17-5. Improper fulfillment of obligations to pay initial one-time, additional contributions The Law on the Insurance Benefit Guarantee Fund

Article 17-5. Improper fulfillment of obligations to pay initial one-time, additional contributions The Law on the Insurance Benefit Guarantee Fund

АMANAT партиясы және Заң және Құқық адвокаттық кеңсесінің серіктестігі аясында елге тегін заң көмегі көрсетілді

Article 17-5. Improper fulfillment of obligations to pay initial one-time, additional contributions The Law on the Insurance Benefit Guarantee Fund

     1. In case of non-payment of the initial one-time or additional 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 performance by the participating insurance organization of its obligations to pay initial one-time and additional contributions, the authorized body has the right to apply sanctions and supervisory response measures provided for by the legislation of the Republic of Kazakhstan on insurance and insurance activities to such an insurance organization.

 

 

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.

 

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  

 

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