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Insurance is subject to civil liability of audit organizations, received in the order, established by the legislation of the Republic of Kazakhstan, license to carry out auditing activities.
Insurance is carried out on the basis of the Law of the Republic of Kazakhstan dated June 13, 2003 No. 440-II “On compulsory insurance of civil liability of audit organizations.”
The purpose of compulsory liability insurance of audit organizations is to ensure the protection of the property interests of audited entities, which suffered property damage during an audit by an audit organization through insurance payments.
In what cases is compensation paid?
An insured event is recognized as the fact of the occurrence of civil liability of the insured for compensation of damage, caused to the property interests of the audited entities during the audit.
Sum insured
The insured amount is established by agreement of the parties, but not less than 10,000 MCI as of the date of concluding the contract with the audit organization.
Insurance premium
Is established by agreement of the parties, but cannot exceed 4.5% of the sum insured.
Amount of insurance compensation
The amount of insurance payment is determined by the insurer based on the amount of the audited entity’s claim or a court decision on compensation for damage caused that has entered into legal force.