Article 8. The contract of compulsory liability insurance of auditing organizations, the procedure for its conclusion Chapter 2. The contract of compulsory liability insurance of auditing organizations The Law on Compulsory Insurance of Civil Liability of Audit Organizations

Home / RLA / Article 8. The contract of compulsory liability insurance of auditing organizations, the procedure for its conclusion Chapter 2. The contract of compulsory liability insurance of auditing organizations The Law on Compulsory Insurance of Civil Liability of Audit Organizations

Article 8. The contract of compulsory liability insurance of auditing organizations, the procedure for its conclusion Chapter 2. The contract of compulsory liability insurance of auditing organizations The Law on Compulsory Insurance of Civil Liability of Audit Organizations

1. Compulsory liability insurance of audit organizations is carried out on the basis of a contract concluded in accordance with this Law and the Civil Code of the Republic of Kazakhstan between the insurer and the policyholder in favor of the audited entity, whose property interests may be harmed during the audit.

2. The contract of compulsory liability insurance of audit organizations provides for insurance payments for obligations incurred as a result of harm to the audited entities during the audit by the policyholder, with the exception of compensation for moral damage, lost profits and payment of penalties.

3. A compulsory liability insurance contract for auditing organizations is concluded only with an insurer licensed to carry out activities under this type of compulsory insurance. The conclusion of such an agreement is mandatory for the mentioned insurer, except in cases stipulated by the legislative acts of the Republic of Kazakhstan.

4. The contract of compulsory liability insurance of audit organizations is concluded by registration of the insurance policy by the insurer in electronic form.

The responsibility for the incompleteness of the conditions to be specified in the contract of compulsory liability insurance of auditing organizations is borne by the insurer. In the event of a dispute under the contract of compulsory liability insurance of auditing organizations due to the incompleteness of its individual terms, the dispute is resolved in favor of the policyholder.

4-1. At the request of the policyholder, a compulsory liability insurance contract for auditing organizations may be concluded by contacting the insurer in writing or exchanging electronic information resources between the policyholder and the insurer.

5. If a compulsory liability insurance contract for auditing organizations is concluded on terms that worsen the situation of the policyholder or the audited entity in comparison with that provided for by this Law, then upon the occurrence of an insured event, the insurer shall bear obligations to the policyholder and the audited entity on the terms established by this Law.

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.

President

Republic of Kazakhstan

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