Insurance is carried out on the basis of Law of the Republic of Kazakhstan No. 435-II of 11 June 2003 "On Compulsory Insurance of Civil Liability of Private Notaries".
Liability insurance of private notaries makes it possible to protect the property interests of third parties who have suffered harm as a result of notarial acts performed by a private notary.
The subject of insurance is the property interests of a private notary related to the notary's obligation to compensate for harm caused to third parties as a result of the notarial acts the notary performs.
An insured event is the fact of the policyholder's civil liability arising to compensate for harm caused to the property interests of third parties as a result of the notarial acts the policyholder performs.
The amount of insurance payouts, as well as of premiums, is regulated by law.
In recent years, attention to the development of professional liability insurance in general, and professional liability insurance of notaries in particular, has increased significantly because of the importance of the notarial institution itself. It has been noted repeatedly that the notariat, as a key element of civil society that ensures the effective organisation and functioning of civil law transactions, is one of the central instruments through which the state secures citizens' guaranteed constitutional rights to the protection of their rights, freedoms and legitimate interests.
Today, worldwide, the notariat is a system of bodies entrusted with certifying transactions, formalising inheritance rights and performing other acts, giving legal effect to civil rights and preventing their possible violation.
When performing a notarial act, a notary must be able to examine the documents submitted, look into the circumstances of the case in detail, seeking to understand the motives of the parties involved, explain their rights and obligations thoroughly, and warn the parties of the consequences of the notarial acts performed, so that legal ignorance cannot be used to their detriment. A notary does not simply put a seal and signature on a contract, but first talks to the people, establishes their identity and determines the legal capacity of the persons involved in the transaction, and protects the rights of minor children and legally incapacitated citizens.
One of the requirements of the Law of the Republic of Kazakhstan "On the Notariat" for private notaries is civil liability insurance, which serves as a guarantee for obligations arising from harm caused as a result of notarial acts.
Under the Law of the Republic of Kazakhstan "On Compulsory Insurance of Civil Liability of Private Notaries", the subject of compulsory civil liability insurance of private notaries is the property interests of a private notary related to the notary's obligation to compensate for harm caused to third parties as a result of the notarial acts the notary performs, for the performance of which the private notary is required, under the legislation of the Republic of Kazakhstan on the notariat, to conclude a compulsory liability insurance contract for private notaries.
The purpose of compulsory liability insurance of private notaries is to protect the property interests of third parties who have suffered harm as a result of notarial acts performed by a private notary by means of insurance payouts.
A private notary may not perform notarial acts without concluding a compulsory liability insurance contract for private notaries. A private notary operating without an insurance contract bears the liability established by the laws of the Republic of Kazakhstan.
An insured event under a compulsory liability insurance contract for private notaries is the fact of the policyholder's civil liability arising to compensate for harm caused to the property interests of third parties as a result of notarial acts performed by the private notary. The insured event is deemed to have occurred on the date on which a court decision on compensation for harm caused by the policyholder enters into legal force, or on the date on which the policyholder recognises the third parties' claims for compensation as justified and the insurer agrees with the policyholder's recognition of the claims.
A claim for an insurance payout is submitted to the insurer by the policyholder or a third party in writing, together with the documents required for the insurance payout.
A claim for an insurance payout for harm caused to the property interests of third parties during the term of a compulsory liability insurance contract for private notaries may be submitted to the insurer within three years of the insured event. Disputes arising from a compulsory liability insurance contract for private notaries are resolved in accordance with the procedure established by the legislation of the Republic of Kazakhstan.
