Article 4. The main purpose, principles and objectives of the compulsory liability insurance of auditing organizations Act On Compulsory insurance of civil liability of auditing organizations

Home / RLA / Article 4. The main purpose, principles and objectives of the compulsory liability insurance of auditing organizations Act On Compulsory insurance of civil liability of auditing organizations

IZPI's note! Paragraph 1 is amended by the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

1. The purpose of compulsory liability insurance of audit organizations is to ensure the protection of the property interests of audited entities that have suffered property damage during the audit by the audit organization through insurance payments.

2. The basic principles of compulsory liability insurance for auditing organizations are:

carrying out the activities of audit organizations whose liability is insured under the contract of compulsory liability insurance of audit organizations;

ensuring that the parties fulfill their obligations under the contract of compulsory liability insurance of audit organizations.

IZPI's note! Article 4 is provided to be supplemented by paragraph 3 in accordance with the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

3. The main objectives of compulsory liability insurance of audit organizations are:

1) providing compensation for property damage caused to the audited entities during the audit;

2) protection of the rights and legitimate interests of the audited entities during the audit.

The Law of the Republic of Kazakhstan dated June 13, 2003 No. 440.

This Law regulates public relations arising in connection with compulsory insurance of civil liability of audit organizations, and establishes the legal, economic and organizational basis for its implementation.

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Republic of Kazakhstan

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