Article 8. Specifics of the implementation of compulsory carrier liability insurance of the Law On Compulsory Insurance of Civil Liability of the Carrier to Passengers

Home / RLA / Article 8. Specifics of the implementation of compulsory carrier liability insurance of the Law On Compulsory Insurance of Civil Liability of the Carrier to Passengers

1. Prior to obtaining a license for the right to carry out compulsory insurance of the carrier's civil liability to passengers, an insurance organization must conclude a participation agreement with the Insurance Benefit Guarantee Fund in accordance with the procedure established by the Law of the Republic of Kazakhstan "On Insurance Benefit Guarantee Fund", with the exception of a newly created insurance organization that concludes this agreement within thirty calendar days from the dates of obtaining the license for the specified type of compulsory insurance.

2. An insurer providing compulsory liability insurance of a carrier is obliged to publish annually its consolidated financial statements, and in the absence of a subsidiary (subsidiaries) organization (organizations) - unconsolidated financial statements and an audit report in Kazakh and Russian in at least two periodicals distributed throughout the Republic of Kazakhstan, in accordance with the procedure established by the Legislation of the Republic of Kazakhstan. and the deadlines set by the authorized body.

3. Activities aimed at limiting or eliminating competition, providing or obtaining unreasonable advantages over other insurers in concluding compulsory carrier liability insurance contracts, and infringing on the rights and legitimate interests of policyholders are prohibited.

4. State-owned enterprises, as well as joint-stock companies with a controlling stake owned by the state, and affiliated legal entities are required to purchase insurance services for compulsory carrier liability insurance in accordance with the legislation of the Republic of Kazakhstan on public procurement.

5. Excluded by the Law of the Republic of Kazakhstan dated 07/02/2018 No. 166-VI (effective ten calendar days after the date of its first official publication).

The Law of the Republic of Kazakhstan dated July 1, 2003 No. 444.

This Law regulates relations arising in the field of compulsory insurance of civil liability of the carrier to passengers, and establishes the legal, financial and organizational basis for its implementation.

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