Legal liability insurance for exporters to refund of advance payment

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Recipients
A legal entity- or an individual-resident of the Republic of Kazakhstan acting as a seller (exporter) that arranged a contract with a foreign buyer under the terms of advanced payment for export of Kazakhstani goods, works and services
Service provision methods
«KazakhExport» JSC
Cost of the service

Insurance rate is fixed pursuant to the Policy to fix insurance rates for insurance/reinsurance contracts of “KazakhExport JSC

Terms of the service delivery

It takes about 26 working days from the moment of complete documents package submission

Additionally

Rules for legal liability insurance for exporters to refund of advance payment were developed   pursuant to the Civil Code of the RK, Law of the RK “On Insurance Activities”, Statute of “KazakhExport” JSC

How to get the service online

  1. Sign in on the portal and click «Order Service Online» button (to get the services you must be registered on the website digital.baiterek.gov.kz).
  2. Fill in the necessary data at digital.baiterek.gov.kz and sign the request with EDS (electronic digital signature). Track the status of consideration of the application in the personal account on the portal «Baiterek» National Managing Holding JSC.

How to obtain the service in “KazakhExport” JSC (required documents):

  1. Documents of a company:

1.1. Insurance application – original copy;

1.2. Letter of consent for State Revenue Department in the form approved in a company – original copy;

1.3. Export contract – copy;

1.4. Financial documents (for a customer and group of companies separately):

1.4.1. Balance sheet, profit and loss statement, cash flow statement  for the 3 previous report periods;

1.4.2. Detailed explanation of the provided financial reports;

1.4.3. Predictive cash flow model for the period of liability insurance;

1.4.4. Contracts under the project for procurement and implementation;

1.4.5. Tax statement (forms: 100,200) for a previous report period;

1.5. Project documents:

1.5.1. Project description (business plan);

1.5.2. Permit documents for construction and assembly operations; for licensable types of activities – if required.

1.6. Constituent documents (pursuant to the list).

1.7. Documents for collateral security (pursuant to the list).

The list of documents required from a creditor to initiate an insurance operation for voluntary loan insurance:

1.8. A creditor`s documents

1.8.1. Statements drawn up by a creditor`s departments (expert statement (with enclosure of approved financial model for the project), statement by an economic security department, statement by a legal support department, statement by a risk department, decision by a collegiate authority/indicative offer);

1.8.2. Loan agreement – copy;

1.8.3. Report by a credit bureau.

An additional list of documents required for thorough check of a customer pursuant to the legislation of the Republic of Kazakhstan against legalization (laundering) of revenues obtained illegally and finance of terrorism:

  1. A customer`s application – original copy;
  2. For individuals residing in the Republic of Kazakhstan and performing individual entrepreneurial activities:

1) identity document;

2) document issued by an authorized agency that certifies the undergoing of state registration;

  1. For legal entities (both residents and non-residents of the Republic of Kazakhstan) and their separate divisions (branches and representative offices):

1) document(s) certifying an identity of civil officer(s) authorized to sign documents of a legal entity to perform transactions with money and (or) other property;

2) document issued by an authorized agency that certify the undergoing of state registration (re-registration) of a legal entity;

3) constituent documents and (or) extract from the register of securities holders;

4) documents certifying an identity or certifying the fact of state registration (re-registration) of founders (participants) of a legal entity (except documents of founders (participants) of joint-stock companies, and also business partnerships whose registers are maintained by a sole registrar), and also documents certifying identities of beneficiary owners of a legal entity (except cases, when a beneficiary owner is a founder (participant) of legal entity and identified based on the register of shareholders (participants);

5) documents certifying the authorities of a civil servant(s) to perform activities on behalf of a customer without power of attorney, including signing of a legal entity`s documents to perform transactions with money and (or) other property;

6) for branches and representative offices of other legal entities` forms: power of attorney issued by a legal entity-resident of the Republic of Kazakhstan to a head of branch or representative office;

7) document certifying an address of legal entity location;

8) permit (in case if a customer`s activity is performed via licensing or permit document pursuant to the Law of the Republic of Kazakhstan “On permits and notifications”);

  1. If a representative acts on behalf of a customer (except appointed officials of a legal entity):

for a customer`s representatives-residents of the Republic of Kazakhstan:

  1. identity document;
  2. documents certifying the authorities of a customer`s representative to perform transactions with money and (or) other property on behalf of a customer, including signing of a customer`s documents;

for a customer`s representatives-non-residents of the Republic of Kazakhstan:

  1. identity document;
  2. documents certifying the authorities of a customer`s representative to perform transactions with money and (or) other property on behalf of a customer, including signing of a customer`s documents;
  3. a document certifying registration in authorized agencies of the Republic of Kazakhstan for the right to enter/leave and stay of an individual-non-resident on the territory of the Republic of Kazakhstan, unless otherwise provided by international treaties ratified by the Republic of Kazakhstan.

Result of the service delivery

Signing of contract on legal liability insurance for exporters to refund of advance payment.