Article 8. Specifics of the implementation of compulsory liability insurance for vehicle owners of the Law On Compulsory Insurance of Civil Liability of Vehicle Owners

Home / RLA / Article 8. Specifics of the implementation of compulsory liability insurance for vehicle owners of the Law On Compulsory Insurance of Civil Liability of Vehicle Owners

1. Prior to obtaining a license for the right to carry out compulsory liability insurance for vehicle owners, 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 date of receipt of the license for the specified type of compulsory insurance.

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

3. Vehicle owners have the right to conclude liability insurance contracts for vehicle owners with insurers of other countries, including in electronic form, provided that this insurance provides insurance protection for vehicle owners only outside the Republic of Kazakhstan.

The Law of the Republic of Kazakhstan dated July 1, 2003 No. 446.

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

President

Republic of Kazakhstan

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