Mandatory Insurance of Auditor’s Civil Liability

Auditors’ Mandatory Insurance

Insurance applies to civil liability of audit organizations licensed to perform audits in accordance with the laws of the Republic of Kazakhstan.

Insurance is performed on the basis of the Law of the Republic of Kazakhstan of June 13, 2003 № 440-II “On Mandatory Insurance of Auditors’ Civil Liability”.

The purpose of auditors’ compulsory liability insurance is to protect property interests of the audited entities who have suffered property damage during the audit performed by the audit organization, by way of insurance indemnity payments.

In what cases is indemnity paid?

An insured event is recognized to be an occurrence of insurer’s civil liability to compensate for damage caused to the property interests of the audited entities in the course of an audit.

Sum Insured

The sum insured is established by agreement of the parties, but not less than 10 000 MCI at the date of the contract with the audit organization.

Insurance Premium

Established by agreement of the parties, but may not exceed 4,5% of the sum insured.

Amount of Insurance Indemnity

The amount of insurance indemnity is determined by the insurer based on the amount of claim of an audited entity or of a legally effective court decision on compensation for the damage caused.

How to make an order?

For that, contact us by telephone: +7 (727) 258-18-00 ext. 1063. Email address for messages: OIC corporate insurance officers will contact you.

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