LAW OF THE REPUBLIC OF KAZAKHSTAN

of December 13, 2005 No. 93-III ZRK

About compulsory ecological insurance

This Law governs the public relations arising in the field of compulsory ecological insurance and establishes legal, economic and organizational basis of its carrying out.

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) it is excluded;

1-1) accidents - destruction of buildings, constructions and (or) technical devices, uncontrollable explosion and (or) emission of dangerous (harmful) substances;

2) it is excluded;

3) compulsory ecological insurance - complex of the relations on property protection of legitimate interests of the physical and (or) legal entities (insured) in case of approach of civil responsibility according to the obligations arising owing to causing ecological damage as a result of accident;

4) the agreement of compulsory ecological insurance - the agreement signed between the insurer and the insurer on the conditions determined by this Law;

5) the beneficiary - person who according to this Law is receiver insurance payment;

6) insured event - event with which approach the agreement of compulsory ecological insurance provides implementation of insurance payment;

6-1) insurance омбудсман - the independent physical person in the activities performing settlement of disagreements between participants of the insurance market according to the Law of the Republic of Kazakhstan "About insurance activity";

7) insurance sum - amount of money for which object of compulsory ecological insurance is insured and which represents limiting scope of responsibility of the insurer in case of loss occurrence;

8) insurance premium - amount of money which the insurer shall pay to the insurer for adoption by the last of the obligation to make insurance payment to the beneficiary in the amount of, defined by the agreement of compulsory ecological insurance;

9) insurance payment - the amount of money paid by the insurer to the beneficiary within insurance sum in case of loss occurrence;

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