Article 826-1. Deferral of insurance premium payment under the accumulative insurance contract of the Civil Code of the Republic of Kazakhstan
1. An insurer who has not received an insurance premium (with the exception of the first one) within the time period established by the cumulative insurance contract is obliged to notify the policyholder of the need to pay the insurance premium.
2. The notification must contain:
1) the period during which the insurance premium must be paid (the insurance premium deferral period);
2) the amount of the penalty for late payment of the insurance premium;
3) the right of the insurer to unilaterally terminate the contract in case of non-payment of the insurance premium during the insurance premium deferral period.
3. The insurance premium deferral period may not be less than 30 calendar days.
4. Upon the occurrence of an insured event during the period of deferral of the insurance premium under the cumulative insurance contract, the insurer is obliged to make an insurance payment, while retaining the amount owed.
5. The notification of the need to pay the insurance premium is sent to the policyholder in a way that allows confirming the sending of the notification.
President
Republic of Kazakhstan
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