On the Insurance Payments Guarantee Fund
Unofficial English summary prepared for informational purposes. Official source: Әділет / adilet.zan.kz. Version checked: 2026-06-20. This is a reference card; in case of discrepancies, the official Kazakh and Russian texts prevail.
Metadata
| Act number | № 423-II |
| Act type | Law of the RK |
| Authority | Parliament of the RK |
| Adoption date | 03.06.2003 |
| Last amended | 30.06.2025 |
| Status | In force |
| Әділет identifier | Z030000423_ |
Scope and relevance
The law establishes the Insurance Payments Guarantee Fund, which provides guarantee payments upon the compulsory liquidation of a participating insurer. For actuaries, the guarantee reserves and participants' contributions are important — an element of the stability of the compulsory-insurance system.
Official source
Official source: Adilet / https://adilet.zan.kz/rus/docs/Z030000423_ The relevance of the editorial office has been verified: 2026-06-20.
TABLE OF CONTENTS
Chapter 1. General provisions
Article 1. Basic concepts used in this Law
Article 2. Legislation on the Insurance Payment Guarantee Fund
Chapter 2. State regulation, control and supervision of the activities of the Insurance Payment Guarantee Fund
Article 2-1. The main goals, objectives and principles of state regulation in the field of activity of the Insurance Payment Guarantee Fund
Article 3. State regulation, control and supervision of the activities of the Insurance Payment Guarantee Fund
Article 3-1. Supervisory Response Measures
Article 3-2. Sanctions
Article 4. Competence of the authorized body and the National Bank of the Republic of Kazakhstan
Article 4-1. Managers of the Foundation
Chapter 3. Creation of the Fund and its activities
Article 5. The procedure for creating the Fund and its bodies
Article 6. Competence of the Board of Directors of the Fund
Article 6-1. Advisory Committee
Article 6-2. Activities of the investment committee. Requirements for investment committee members
Article 7. Guarantees of the Fund
Article 8. Main tasks and functions of the Fund
Article 8-1. Fund commission
Chapter 4. Procedure for participation in the Fund
Article 9. Procedure for participation in the Fund and conditions for the acquisition of Fund shares by insurance organizations
Article 10. Mandatory terms of the participation agreement
Article 11. Termination of the participation agreement
Article 12. Mandatory and extraordinary contributions, the procedure for their payment. Fund Borrowings
Article 13. Formation of contingent obligations
Article 14. Improper fulfillment of obligations to pay mandatory and emergency contributions
Chapter 5. Guarantee payments and other measures of protection
Article 15. Grounds and procedure for making guarantee payments for compulsory types of insurance and life insurance contracts concluded within the framework of the state educational savings system
Article 15-1. Grounds and procedure for making guarantee payments for guaranteed annuity insurance classes
Article 16. Additional ways to protect the rights of policyholders
Article 17. Termination of Fund guarantees
Chapter 5-1. Payments from the Fund for compensation for damage caused to the life, health of the victim, and (or) funeral expenses
Article 17-1. The right to receive payments for compensation for harm caused to the life, health of the victim, and (or) funeral expenses
Article 17-2. Making payments for damages and (or) funeral expenses by the Fund
Article 17-3. The right to claim back against the person who caused the harm
Article 17-4. Creation of a compensation reserve
Article 17-5. Improper fulfillment of obligations to pay initial one-time, additional contributions
Chapter 6. Rights and obligations of participants in the insurance payment guarantee system
Article 18. Rights and obligations of the Foundation
Article 19. Rights and obligations of the participating insurance organization
Article 20. Rights and obligations of the liquidation commission
Article 21. Rights and obligations of the creditor
Article 21-1. Regulation of intermediary services in the implementation of guarantee payments and compensation payments
Chapter 7. Final and transitional provisions
Article 22. Liquidation or reorganization of the Fund
Article 23. Responsibility for violation of the legislation of the Republic of Kazakhstan on the Fund
Article 24. Transitional provisions
| President of the Republic of Kazakhstan |