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.
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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.
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.
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