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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; 
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; 
5) Law No. 311 of 27th April 2015 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Insurance and Islamic Financing. (Article  4-1). Effective date n/a; 
6) Law No. 49 of 27th February 2017 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 Civil, Banking Legislation and Enhancement of Conditions for Business Activities. (Article 8). Effective date n/a; 
7) Law No. 166 of 2nd July 2018 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Insurance and Insurance Activity, Securities Market. (Articles: 1 replaced, 4, 7-1 introduced, 8, 8-1 introduced, 13, 14, 17, 19, 19-1 introduced). Effective date n/a, except for amendments to: Articles 8, 8-1, 17, paragraphs 1 and 3 of Article 19, which shall be effective from January 1, 2019; and
8) Law No. 262 of 3rd July 2019 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Regulation and Development of the Financial Market, Micro Financial Activity and Taxation. (Article 7). Effective January 1, 2020.
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
Introduced by 7) Law No. 166 of 2nd July 2018 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Insurance and Insurance Activity, Securities Market.
The following definitions are used in this law:

1)  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;
2)  entity under audit — a legal entity that has concluded with an organisation of auditors an agreement for the performance of an audit;
3)  beneficiary — a person that is the recipient of insurance payment in accordance with this Law;
4)  insured event — an event with the occurrence of which the agreement on the civil-law liability of an organisation of auditors provides for insurance payment to the insurant (beneficiary);
5) insurance ombudsman – a natural person carrying out the settlement of disagreements among participants in the insurance market in accordance wit the Law of the Republic of Kazakhstan “Concerning Insurance Activity”, who is independent in own activity;
6)  insured amount — an amount of funds for which the insured object is insured, and which represents the maximum amount of the liability of the insurer in case of insured event;
7)  insurance premium — an amount of funds 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 the amount defined in the agreement on obligatory insurance of the civil-law liability of an organisation of auditors;
8)  insurance payment — an amount of funds payable by the insurer to the insurant (beneficiary) within the insured amount in the event that the insured event has taken place;
9)  insurer — a legal entity that is registered as an insurance organisation and has a licence for a right to perform insurance activities, that is obliged in case of insured event to make insurance payment to the insurant or other person in whose favour the agreement is concluded (beneficiary), within the insured amount specified in the agreement;
10)  insurant — an organisation of auditors that has concluded with the insurer an agreement on obligatory insurance of the civil-law liability the organisation of auditors;
11)  franchise — indemnification of the insurer from compensation for damage which does not exceed a 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; and
7) Law No. 166 of 2nd July 2018 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Insurance and Insurance Activity, Securities Market.
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 activity of organizations of auditors, whose liability is insured under an agreement on obligatory insurance of the liability of organizations 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.
5) Law No. 311 of 27th April 2015 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Insurance and Islamic Financing.
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; and
8) Law No. 262 of 3rd July 2019 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Regulation and Development of the Financial Market, Micro Financial Activity and Taxation.
1.  The state supervision and control [added by 8, to be effective January 1, 2020] of activities of insurance organisations shall be carried out by the National Bank of the Republic of Kazakhstan authorized body for regulation, control and supervision of financial market and financial organizations (hereinafter – the authorized body) [modified by 8, to be effective January 1, 2020] 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.

Article 7-1. Information Interaction
Introduced by 7) Law No. 166 of 2nd July 2018 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Insurance and Insurance Activity, Securities Market.
The authorized state body, public prosecutor authorities, other state bodies and organizations that have information required to confirm a fact of insured event and its consequences shall be obliged to provide the sad information to the insurer, insurant (beneficiary), insurance ombudsman when they apply for.
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;
6) Law No. 49 of 27th February 2017 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 Civil, Banking Legislation and Enhancement of Conditions for Business Activities; and
7) Law No. 166 of 2nd July 2018 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Insurance and Insurance Activity, Securities Market.