Article 29. Insurance Contract

Insurance shall be carried out on the basis of an insurance contract concluded between the insurant and the insurer.

An insurance contract shall mean an agreement between the insurer and the insurant, concluded in a written or electronic form, according to which the insurant pays the insurance premium (insurance contribution) in accordance with the procedure, terms and amount established in the insurance contract, and fulfills other obligations provided for by the insurance contract or the legislation, and the insurer assumes the obligation to pay the insurance indemnity (insurance benefit) upon the occurrence of a certain event (insured event) specified in the insurance contract.

Insurance contracts may provide for a deductible.

The deductible may be set both as a percentage of the insurance amount and in a certain amount, and may be conditional or unconditional. The insurance contract may provide for other types of deductibles.

Failure to comply with the requirements for the preparation of a written or electronic form of the insurance contract shall entail the invalidity of such contract.

The authorized state body shall have the right to establish minimum requirements for the terms and conditions of the insurance contract.