Article 5-1. Insurance by non–resident insurance organizations of the Republic of Kazakhstan and insurance (reinsurance) organizations participating in the Astana International Financial Center Law on Insurance Activities

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Article 5-1. Insurance by non–resident insurance organizations of the Republic of Kazakhstan and insurance (reinsurance) organizations participating in the Astana International Financial Center Law on Insurance Activities

1. Insurance of the property interests of a legal entity or its separate subdivisions located on the territory of the Republic of Kazakhstan and the property interests of an individual who is a resident of the Republic of Kazakhstan may be carried out only by an insurance organization resident in the Republic of Kazakhstan, a branch of a non–resident insurance (reinsurance) organization of the Republic of Kazakhstan.

2. It is allowed to conclude and execute insurance contracts with non–resident insurance organizations of the Republic of Kazakhstan and insurance (reinsurance) organizations participating in the Astana International Financial Center in the following cases:

1) natural persons – residents of the Republic of Kazakhstan temporarily staying outside the Republic of Kazakhstan for the purposes of work, study, medical treatment or recreation, only for the period of temporary stay of these persons outside the Republic of Kazakhstan;

2) residents of the Republic of Kazakhstan in terms of risks associated with maritime transport services (with the exception of ships providing cabotage services), commercial aviation, space flight launch and charter services (including satellites), and related services (transportation of goods, insurance of the vehicles themselves carrying goods, and any resulting responsibility), catastrophic risks, climate risks, cyber risks, terrorism risks, civil unrest and strikes;

3) residents of the Republic of Kazakhstan in terms of risk insurance in accordance with the principles of Islamic insurance;

4) residents of the Republic of Kazakhstan in terms of risks covered under voluntary insurance classes provided for in subparagraphs 15), 17) and 18) of paragraph 3 of Article 6 of this Law.

Risk insurance in accordance with subparagraph 4) In the first part of this paragraph, a non–resident insurance organization of the Republic of Kazakhstan is allowed only if the insured object is located outside the territory of the Republic of Kazakhstan.

3. Banks of the Republic of Kazakhstan, branches of non–resident banks of the Republic of Kazakhstan and organizations engaged in certain types of banking operations are prohibited from making payments and money transfers, except for the cases provided for in paragraph 2 of this Article related to the payment of insurance premiums (contributions) in favor of non-residents of the Republic of Kazakhstan and participants of the Astana International Financial Center from individuals and legal entities who are residents of the Republic of Kazakhstan.

4. The requirements of paragraphs 2 and 3 of this Article do not apply to cases of concluding contracts with branches of insurance (reinsurance) organizations that are non-residents of the Republic of Kazakhstan in cases established by the laws of the Republic of Kazakhstan.

The Law of the Republic of Kazakhstan dated December 18, 2000 No. 126.

President

Republic of Kazakhstan

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