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LAW No. 440 of 13th JUNE 2003 OF THE REPUBLIC OF KAZAKHSTAN CONCERNING THE OBLIGATORY INSURANCE OF CIVIL LAW LIABILITY OF ORGANISATIONS OF AUDITORS
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LAW No. 440 of 13th JUNE 2003 OF THE REPUBLIC OF KAZAKHSTAN

CONCERNING THE OBLIGATORY INSURANCE OF CIVIL LAW LIABILITY OF  
ORGANISATIONS OF AUDITORS
AMENDMENTS AND ADDITIONS INTRODUCED BY:
1)  Law No. 139 of 5th May 2006 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Auditing.  (Heading, Preamble, Articles:  1, 2, 3, 4,5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 21, 22, 23).  Effective date n/a;
2)  Law No. 234 of 30th December 2009 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Obligatory and Mutual Insurance, Taxation. (Article 4-1 introduced). Effective date n/a; 
3)  Law No. 30 of 5th July 2012 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of the Organisation of Activity of the National Bank of the Republic of Kazakhstan, Regulation of the Financial Market and Financial Organisations. (Article 7). Effective date n/a; and
4) Law No. 227 of 3rd July 2014 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of the Improvement of Criminal Legislation. (Articles:  20, 21). Effective January 1, 2015.
	That this Law shall regulate the public relations which arise in connection with the obligatory insurance of civil-law liability of  
organisations of auditors and it shall establish the legal economic and organisational fundamentals for its performance.
CHAPTER 1.  GENERAL PROVISIONS
Article 1.  The Fundamental Definitions Used in This Law
Amended by 1)  Law No. 139 of 5th May 2006 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Auditing
The following definitions are used in this law:
1)  entity under audit — a legal entity that has concluded an agreement for the performance of an audit with an organisation of auditors;
2)  beneficiary — a person that in accordance with this law is the recipient of insurance payment;
3)  civil-law liability of the  organisation of auditors — the duty of an organisation of auditors to compensate for material harm caused to entities under audit in the course of the audit as established by the civil legislation of the Republic of Kazakhstan;
4)  insurant — an organisation or auditors that concluded with an insurer an agreement for obligatory insurance of civil-law liability of the the organisation of auditors;
5)  insurance payment — amount payable by the insurer to the insurant (beneficiary) within the insured amount in the event that the insured event takes place;
6)  insurance premium — amount which the insurant is obliged to pay to the insurer for the latter undertaking the obligation to make the insurance payment to the insurant (beneficiary) in accordance with the amount defined in the obligatory insurance agreement on civil-law liability of an organisation of auditors; 
7)  insured amount — an amount of funds for which an insured entity is insured, and which represents the maximum amount of liability of the insurer in the case of insured event;
8)  insured event — an event with the occurrence of which the agreement on civil-law liability of an organisation of auditors provides for the insurance payment to the insurant (beneficiary);
9)  insurer — a legal entity registered as an insurance organisation having a licence for the performance of insurance activities, which is obliged in the case of an insured event, to make insurance payment to the insurant or another person in whose favour the agreement is concluded (beneficiary), within the insured amount specified in the agreement;
10)  franchise — indemnification of the insurer from compensation for damage which does not exceed certain value.
Article 2.  The Legislation of the Republic of Kazakhstan Concerning the Obligatory Insurance of Civil Law Liability of  
Organisations of Auditors
Amended by 1)  Law No. 139 of 5th May 2006 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Auditing
1.  The legislation of the Republic of Kazakhstan concerning obligatory insurance of civil-law liability of organisations of auditors shall be based upon the Constitution of the Republic of Kazakhstan and it shall consist of the Civil Code of the Republic of Kazakhstan, this Law and other regulatory legal acts of the Republic of Kazakhstan.
2.  Where an international agreement ratified by the Republic of Kazakhstan establishes other rules than those contained in this Law, the rules of the international agreement shall apply.
Article 3.  Objective of the Obligatory Insurance of Civil-Law Liability of Organisations of Auditors
Amended by 1)  Law No. 139 of 5th May 2006 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Auditing
	The material interest of the organisation of auditors, relating to its duty established by the civil law of the Republic of Kazakhstan to compensate for the harm to entities under audit, caused in the course of the audit, shall be recognised as the objective of the obligatory insurance of the civil-law liability of organisations of auditors (henceforth  obligatory insurance of liability of   organisations of auditors).
Article 4.  The Purpose and Main Principles of the Obligatory Insurance of the Liability of  
Organisations of Auditors
Amended by 1)  Law No. 139 of 5th May 2006 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Auditing
1.  Ensuring the protection of material interests of entities under audit, to which harm is caused in the course of audits by organisations of auditors, by way of insurance payments, shall be recognised as the purpose of the obligatory insurance of the liability of organisations of auditors.
2.  The following shall be recognised as the main principles for the obligatory insurance of liability of organisations of auditors:
performance of activities of organisations of auditors on the condition of having an agreement for the obligatory insurance of the liability of organisations of auditors;
ensuring the compliance by the parties with their obligations under the obligatory insurance agreement of organisations of auditors.
Article 4-1.  Special Considerations in Carrying out Obligatory Insurance of the Liability of Auditing Organisations
Introduced by 2)  Law No. 234 of 30th December 2009 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Obligatory and Mutual Insurance, Taxation.
1.  A legal entity registered as an insurance organisation, prior to the receipt of a licence for the right to carry out obligatory insurance of the liability of auditing organisations, shall be obliged to have affiliates and (or) insurance agents in the capital city, cities of republic's, province and district significance.
2.  There shall not be allowed activity directed towards restriction or removal of competition, granting or receipt of baseless advantages in respect to the conclusion of agreements of obligatory insurance of the liability of auditing organisations by certain insurers before other, infringement on rights and legitimate interests of insurants.
Article 5.  The Persons, Whose Civil-Law Liability is Subject to Obligatory Insurance
Amended by 1)  Law No. 139 of 5th May 2006 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Auditing
1.  The civil-law liability of organisations of auditors, who in accordance with the procedure established by the legislation of the Republic of Kazakhstan received licences for the performance of audit activities shall be subject to obligatory insurance.
2.  The conclusion by an organisation of auditors of a voluntary insurance agreement on civil-law liability connected with the performance of professional activities, shall not release it from the duty to conclude the agreement for the obligatory insurance of the liability of organisations of auditors.
Article 6.  Prohibition of Performance of Activities by  
 Organisations of Auditors Without Concluding the Obligatory Insurance Agreement of  
Organisations of Auditors
Amended by 1)  Law No. 139 of 5th May 2006 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Auditing
	1.  An  auditing organisation shall not have the right to carry out auditing without concluding an agreement for the obligatory insurance of liability of  
organisations of auditors.
	2.   The auditing organisation that carries out activities without concluding an agreement for the obligatory insurance of liability of organisations of auditors  shall be held responsible in accordance with the laws of the Republic of Kazakhstan.
Article 7.  The State Supervision and Monitoring in the Sphere of the Obligatory Insurance of Liability of  Organisations of Auditors
Amended by 1)  Law No. 139 of 5th May 2006 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Auditing;
3)  Law No. 30 of 5th July 2012 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of the Organisation of Activity of the National Bank of the Republic of Kazakhstan, Regulation of the Financial Market and Financial Organisations.
1.  The state supervision of activities of insurance organisations shall be carried out by the National Bank of the Republic of Kazakhstan in accordance with the legislation of the Republic of Kazakhstan.
	2.  The state supervision of compliance by  
organisations of auditors with the requirements of this Law with regard to the obligatory conclusion by them of agreements on obligatory insurance of liability of  organisations of taking of measures against the organisations of auditors that violate this requirement, shall be entrusted in accordance with this Law to the appropriate state authority within the bounds of its authority as established by the legislative acts of the Republic of Kazakhstan.
CHAPTER 2.  THE OBLIGATORY INSURANCE AGREEMENT ON LIABILITY OF ORGANISATIONS OF AUDITORS
Article 8.  The Agreement on Obligatory Insurance of Liability of Organisations of Auditors, the Procedure for Its Conclusion
Amended by 1)  Law No. 139 of 5th May 2006 of the Republic of Kazakhstan.  Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Auditing
1.  The obligatory insurance of liability of organisations of auditors shall be on the basis of an agreement to be concluded in accordance with this Law and the Civil Code of the Republic of Kazakhstan between the insurer and insurant in favour of the entity under audit, whose material interests may be damaged in the course of the audit.
2.  The agreement on obligatory insurance of liability of organisations of auditors provides for the performance of insurance payments under the obligations which arise due the causing of damage to entities under audit in the course the audit carried out by the insurant, except for the compensation for moral harm, lost profits and payment of damages.