Article 8. Main tasks and functions of the Insurance Benefit Guarantee Fund Act

Home / RLA / Article 8. Main tasks and functions of the Insurance Benefit Guarantee Fund Act

1. The main objectives of the Foundation are:

1) protection of the rights and legitimate interests of creditors;

2) ensuring the protection of the rights and legitimate interests of persons whose lives or health have been harmed by another person as a result of a traffic accident, in the cases provided for by this Law;

3) ensuring the functioning and development of the insurance benefit guarantee system in accordance with the procedure established by this Law and regulatory legal acts of the authorized body.

2. To fulfill its main tasks, the Foundation performs the following functions::

1) making guarantee payments in accordance with this Law;

1-1) payment of the insurance portfolio of the insurance (reinsurance) organization being liquidated, transferred to the participating insurance organization in accordance with the procedure and on the terms provided for by the legislation of the Republic of Kazakhstan on insurance and insurance activities;

2) attracting mandatory and emergency contributions from participating insurance organizations;

3) attraction of initial one-time, additional contributions from participating insurance organizations;

4) making payments to compensate for damage to the life and health of the victim and (or) funeral expenses in accordance with this Law;

5) investment activity in accordance with the procedure established by the legislation of the Republic of Kazakhstan;

6) participation in the provisional administration in the event of liquidation of an insurance (reinsurance) organization.

IZPI's note! Article 8 is provided to be supplemented with Article 2-1 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).

2-1. In addition to the functions specified in paragraph 2 of this article, the Fund develops and provides specialized software used to automate the activities of insurance (reinsurance) organizations, conduct training and advanced training of specialists in the field of insurance (reinsurance).

3. In order to ensure the high-quality and timely performance of its functions, the Fund has the right, within its competence, to receive information from individuals and legal entities, as well as government agencies, including information constituting insurance secrecy.

The information received is not subject to further disclosure.

4. Employees of the Fund are responsible for disclosing information obtained during the exercise of their functions, which constitute official, commercial, insurance secrets or other legally protected secrets, in accordance with the laws of the Republic of Kazakhstan.

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

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