Compulsory environmental insurance
Environmental insurance
Compulsory Environmental insurance is carried out in accordance with the Law of the Republic of Kazakhstan “On compulsory environmental insurance”.
The object of compulsory environmental insurance is the property interest of a person carrying out environmentally hazardous types of economic and other activities related to his obligation, established by the environmental legislation of the Republic of Kazakhstan, to eliminate environmental damage caused by an accident.
Mandatory environmental insurance is subject to civil liability of individuals and (or) legal entities engaged in environmentally hazardous types of economic and other activities.
The compulsory environmental insurance contract is considered terminated in the following cases:
- expiration of the contract;
- early termination of the contract;
- the insurer makes an insurance payment (insurance payments) in the amount of the insured amount under the compulsory environmental insurance agreement.
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Insurance risks
Insurance amount
Insurance amount is established by agreement of the parties in compulsory environmental insurance agreement, but insurance amount shall not be less than:
5000-fold monthly calculation index established by the law on the republican budget for the relevant financial year as of the date of conclusion of a compulsory environmental insurance agreement with individual who is an individual entrepreneur;
65000-fold monthly calculation index established by the law on the republican budget for the relevant financial year on the date of conclusion of a compulsory environmental insurance agreement with legal entity.
Insurance premium
Amount of insurance premium in accordance with the Law of the Republic of Kazakhstan “On compulsory environmental insurance” is established by agreement of the parties, but the amount of insurance premium depending on insurance amount is:
|
№ |
Environmentally hazardous facility |
Minimum insurance amount (MCI) |
Insurance tariff (%) |
|
1 |
Individual being an individual entrepreneur |
5 000 |
0.76 – 2.62 |
|
2 |
Legal entity |
65 000 |
0.76 – 2.62 |
Insurance period – insurance agreement is concluded for 12 months and does not terminate upon the first occurrence of an insurance event.
Insurance payments are determined by Insurer based on amount of claim of affected person (Beneficiary) or an effective court decision on compensation for caused damage.
Insurance payment is made by Insurer within 30 days from the day of receipt of all required documents.