Article 21. Ensuring property liability in the implementation of valuation activities of the Law on Valuation Activities in the Republic of Kazakhstan

Home / RLA / Article 21. Ensuring property liability in the implementation of valuation activities of the Law on Valuation Activities in the Republic of Kazakhstan

1. The Chamber of Appraisers applies one of the following methods to ensure its property liability and the property liability of its members to customers and third parties:

1) insurance of civil liability of the appraiser and the Chamber of appraisers;

2) bringing members of the Chamber of Appraisers to financial responsibility;

3) the use of other methods of ensuring property liability provided for by the laws of the Republic of Kazakhstan.

The procedure for ensuring property liability is established by the Chamber of Appraisers.

Losses caused to the customer who has concluded an evaluation agreement, or property damage caused to third parties as a result of using the total market value or other value of the object of evaluation indicated in the evaluation report, are subject to compensation in accordance with the civil legislation of the Republic of Kazakhstan.

2. The appraiser's civil liability insurance contract is concluded by a member of the Chamber of Appraisers for a period of at least one year.

The insured amount is determined by the appraiser's civil liability insurance contract and must not be less than 5,000 times the monthly calculation index established by the law on the republican budget and effective on the date of conclusion of the appraiser's civil liability insurance contract.

The object of insurance under the appraiser's civil liability insurance contract is the appraiser's property interest related to his obligation to compensate for property damage caused to third parties as a result of his appraisal activities and (or) losses caused to the customer who concluded the contract for the evaluation.

An insured event under the appraiser's civil liability insurance contract is recognized as the occurrence of civil liability of the appraiser (policyholder) for compensation for damage caused to the property interests of the customer and (or) a third party in the course of valuation activities.

This Law regulates public relations related to the implementation of valuation activities in the Republic of Kazakhstan, and also defines the legal basis for regulating valuation activities.

President

Republic of Kazakhstan

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