Article 4. Insurance and insurance activities of the Law on Insurance Activities

Home / RLA / Article 4. Insurance and insurance activities of the Law on Insurance Activities

1. Insurance is a complex of relations aimed at protecting the legitimate property interests of an individual or a legal entity upon the occurrence of an insured event or other event specified in the insurance contract, through insurance payments made by an insurance company.

2. Insurance activity is the activity of an insurance (reinsurance) organization, a branch of a non-resident insurance (reinsurance) organization of the Republic of Kazakhstan related to the conclusion and execution of insurance (reinsurance) contracts, carried out on the basis of a license from an authorized body in accordance with the requirements of the legislation of the Republic of Kazakhstan, as well as the activities of mutual insurance companies related to the conclusion and execution insurance contracts carried out without a license in accordance with the Law of the Republic of Kazakhstan "On Mutual Insurance".

3. Islamic insurance activity is the activity of an Islamic insurance (reinsurance) organization, a branch of an Islamic insurance (reinsurance) organization that is a non-resident of the Republic of Kazakhstan, related to the conclusion and execution of Islamic insurance (reinsurance) contracts, carried out on the basis of a license from an authorized body in accordance with the requirements of the legislation of the Republic of Kazakhstan.

The Law of the Republic of Kazakhstan dated December 18, 2000 No. 126.

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