13.07.2006, 16:06 2725

President signed law On Mutual Insurance

Astana. July 13. Kazakhstan Today – The Head of the State Nursultan Nazarbayev signed laws On Mutual Insurance and On Amendments and Additions in Acts on Mutual Insurance, the agency reports referring to the President’s press service.

As it was informed earlier, the main objective of the law On Mutual Insurance is creation of normative-legal base for mutual insurance association activities.

Association of mutual insurance is noncommercial organizations and can be of two categories: acting on the basis of licenses of the authorized body carrying out regulation and supervision of financial market and financial organizations and without license.

The law On Amendments and Additions in Acts of Republic Kazakhstan on Mutual Insurance introduces amendments to the Civil Code, Code on Taxes and Other Compulsory Payments in the Budget, Laws on Licensing, On Insurance Activity, On State Regulation and Supervision of Financial Market and Financial Organizations.

Amendments provide administrative responsibility for infringement of the requirements established by the legislation on mutual insurance.

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