Compulsory civil liability insurance (CCLI) of auditors and auditing organizations


COMPULSORY CIVIL LIABILITY INSURANCE OF AUDITORS AND AUDITING ORGANIZATIONS

Insurance is performed in accordance with the Law of the Republic of Kazakhstan of June 13, 2003 № 440-II «Compulsory civil liability insurance of auditing organizations»
Compulsory insurance concerns civil liability of auditing organizations that have received a license for auditing activity in accordance with the procedure established by the Laws of the Republic of Kazakhstan.

Object of insurance - proprietary interest of an auditing organization associated with its obligation, established by the civil legislation of the Republic of Kazakhstan, to compensate for the injury caused to audited parties during audit.
Insurance agreement shall be concluded in a written form by issuing an insurance policy by the Insurer to the Insured.

Term of insurance  - 12 months.

Insured value - shall be established according to agreement between the parties, but the amount of the insured value shall not be less than 10 000 MCI.

Insurance premium - shall be established according to agreement between the parties, but the amount of insurance premium shall not exceed 4,5 % of the insured value specified in the insurance agreement.
Insurance benefit shall be determined by the Insurer on the basis of the sum of the audited party claims or on the legally effective court decision about compensation for the harm caused. The insurance benefit shall be paid by the Insurer within 7 working days since receipt of all the necessary documents.