LAW OF THE REPUBLIC OF KAZAKHSTAN

of June 13, 2003 No. 440-II

About compulsory insurance of civil responsibility of auditing organizations

This Law governs the public relations arising in connection with compulsory insurance of civil responsibility of auditing organizations and establishes legal, economic and organizational basis of its carrying out.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) civil responsibility of auditing organization - the obligation of auditing organization established by the civil legislation of the Republic of Kazakhstan to compensate the property harm done to the audited subjects when carrying out audit;

2) the audited subject - the legal entity who signed the auditing contract with auditing organization;

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

4) insured event - event with which approach the agreement of compulsory insurance of civil responsibility of auditing organization provides implementation of insurance payment to the insurer (beneficiary);

5) 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";

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

7) 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 insurer (beneficiary) in the amount of, defined by the agreement of compulsory insurance of civil responsibility of auditing organization;

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

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