Article 1. The basic concepts used in this Law Chapter 1. General provisions The Law on Compulsory Insurance of Civil Liability of Audit Organizations

Home / RLA / Article 1. The basic concepts used in this Law Chapter 1. General provisions The Law on Compulsory Insurance of Civil Liability of Audit Organizations

The following basic concepts are used in this Law:

1) civil liability of an audit organization is the obligation of an audit organization established by the civil legislation of the Republic of Kazakhstan to compensate for property damage caused to audited entities during the audit;

2) the audited entity is a legal entity that has concluded an audit contract with an audit organization.;

3) beneficiary – a person who, in accordance with this Law, is the recipient of an insurance benefit;

4) insured event – an event, upon the occurrence of which the contract of compulsory insurance of civil liability of an auditing organization provides for the insurance payment to the policyholder (beneficiary);

5) insurance Ombudsman – an individual who is independent in his activities and settles disputes between insurance market participants in accordance with the Law of the Republic of Kazakhstan "On Insurance Activities";

6) insurance amount – the amount of money for which the insured object is insured and which represents the maximum amount of liability of the insurer upon the occurrence of an insured event;

7) insurance premium – the amount of money that the policyholder is obliged to pay to the insurer for the latter's acceptance of the obligation to make insurance payments to the policyholder (beneficiary) in the amount determined by the contract of compulsory insurance of civil liability of the auditing organization;

8) insurance payment – the amount of money paid by the insurer to the insured (beneficiary) within the limits of the insured amount upon the occurrence of an insured event;

9) an insurer is a legal entity registered as an insurance organization and licensed to carry out insurance activities, which is obliged, upon the occurrence of an insured event, to make an insurance payment to the policyholder or another person in whose favor the contract was concluded (to the beneficiary), within the limits of the amount of insurance determined by the contract.;

10) policyholder is an audit organization that has concluded a compulsory insurance contract with the insurer for the civil liability of the audit organization.;

11) deductible – exemption of the insurer from compensation for damage not exceeding a certain amount.

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.

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Republic of Kazakhstan

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