Imputed insurance in Kazakhstan: Combining Obligation and Voluntariness
Imputed insurance is a special type of insurance that combines the features of both compulsory and voluntary insurance. Let's take a closer look at what it is and what benefits it brings to both Policyholders and beneficiaries.
In Kazakhstan, there are several types of imputed insurance, where the obligation to conclude an insurance contract is imposed on the Policyholder in accordance with the law. This responsibility is associated with certain types of activities, such as law practice, customs brokerage, subsoil use, etc. The regulation of imputed insurance is subject to the current legislation and the terms of the insurance contract.
Who and what is insured?
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Legal consultants and lawyers: insure their professional liability.
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Customs brokers: Companies engaged in the import, export and declaration of goods insure their obligation to ensure customs payments and other obligations to the budget.
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Subsurface users: insure their liability to the state for improper fulfillment of their obligations to eliminate the consequences of exploration of subsurface use.
Benefits for Policyholders and beneficiaries:
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Reducing the financial burden: Imputed insurance helps the state reduce financial risks through insurance payments.
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Rapid risk resolution: Insurance payments provide prompt resolution of issues that were previously regulated by the state or were on the account of the policyholder himself.
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Convenience and obligation: for policyholders, this is an inherent obligation, and for beneficiaries, additional protection.
Thus, imputed insurance is an important tool that protects the interests of participants in the insurance process in the Republic of Kazakhstan.
