Article 1. The basic concepts used in this Law of the Law on the State Educational Accumulative System

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 The following basic concepts are used in this Law:

1) initial educational capital is a one–time payment from the budget, credited to the educational accumulative contribution of the depositor or to the estimated amount under the educational accumulative insurance contract.;

1-1) educational accumulative insurance – accumulative life insurance carried out for the purpose of accumulating funds to pay for educational services, providing for insurance payments as a result of an insured event, including after the expiration of the period established by the educational accumulative insurance contract, depending on which of them occurs first.;

2) the unified register of educational accumulative insurance contracts is a single database for registration of educational accumulative insurance contracts, for which the operator accrues the initial educational capital, the state premium;

3) an educational accumulative insurance contract (hereinafter referred to as the insurance contract) is an accumulative life insurance contract, according to which one party (the policyholder) undertakes to pay an insurance premium, and the other party (the participating insurance company) undertakes to make an insurance payment as a result of an insured event, calculated, inter alia, based on accrued investment income;

4) educational accumulative contribution – money in the depositor's account with the participating bank, including contributions from the depositor or depositors, including through payments of targeted savings from the unified accumulative pension fund for the purpose of paying for education in accordance with the laws of the Republic of Kazakhstan, initial educational capital, state premium and capitalized remuneration of the participating bank;

5) the agreement on an educational accumulative contribution (hereinafter referred to as the deposit agreement) is a bank deposit agreement for the accumulation of funds to pay for educational services concluded by the depositor with the participating bank;

6) the unified register of educational accumulative contribution agreements is a single database for registration of deposit agreements for which the operator accrues initial educational capital and a state bonus;

7) educational services – the activity of providing the student with services aimed at realizing the educational needs of the individual and mastering educational programs;

8) authorized body in the field of education – the central executive body of the Republic of Kazakhstan, which carries out management and intersectoral coordination in the field of preschool, secondary, technical and vocational, post-secondary and additional education;

9) authorized body in the field of science and higher education – the central executive body of the Republic of Kazakhstan responsible for the management and intersectoral coordination in the field of higher and postgraduate education;

10) the depositor is a resident or non–resident of the Republic of Kazakhstan who makes a contribution to an educational funded contribution in favor of the depositor;

11) the lender is a second–tier bank of the Republic of Kazakhstan that has a license to conduct bank loan operations and has concluded an agreement on the provision of educational loans under the guarantee of a government-authorized organization;

12) credit line – providing the borrower with a legally formalized obligation of the lender to provide him with money within the agreed limit within the time specified by the educational loan agreement.;

13) the borrower is a depositor who has concluded an educational loan agreement with the lender for the amount missing to pay for educational services;

14) participating bank is a second-tier bank of the Republic of Kazakhstan, a National Postal Operator that meets the requirements established by this Law and has concluded an agreement on cooperation in the field of the State Educational Accumulative System with an operator in the field of the State Educational Accumulative System.;

14-1) participating educational organization is a legal entity established and operating in the territory of the Republic of Kazakhstan, implementing educational programs for technical and vocational, post–secondary, higher and postgraduate education and concluding an agreement on cooperation in the field of the State Educational Accumulative System with the operator in the field of the State educational Accumulative System;

15) participating insurance organization is a legal entity engaged in concluding and executing insurance contracts on the basis of an appropriate license from the authorized body for regulation, control and supervision of the financial market and financial organizations and has concluded an agreement on cooperation in the field of the State Educational Accumulative System with the operator in the field of the State Educational Accumulative System;

16) state premium – money paid annually at the prescribed time from the budget for the actually accumulated balance of the educational funded contribution and for the estimated amount under the insurance contract;

17) The state educational accumulative system is a system of monetary savings for paying for educational services regulated by the legislation of the Republic of Kazakhstan and based on the attraction by participating banks of deposits from the population, insurance organizations participating in insurance premiums (insurance contributions) and accrual of initial educational capital, as well as accrual of remuneration, investment income and government premiums, respectively.;

18) the operator in the field of the State educational accumulative System (hereinafter referred to as the operator) is an organization determined by a joint decision of the authorized body in the field of science and higher education and the authorized body in the field of education, coordinating the activities of participants in the State educational Accumulative System and ensuring its functioning within the limits provided for by the legislation of the Republic of Kazakhstan;

19) agreement on cooperation in the field of the State Educational Accumulative System (hereinafter referred to as the cooperation agreement) is an agreement between the operator and the participating bank, the operator and the participating insurance company, or the operator and the participating educational organization, establishing the conditions and procedure for their interaction within the framework of the implementation of the State Educational Accumulative System;

20) beneficiary – a person who, in accordance with the insurance contract, is the recipient of the insurance benefit;

21) the estimated amount under the insurance contract is the amount accepted for calculating the state premium, determined based on the formed insurance reserve under the insurance contract, taking into account insurance premiums (insurance premiums), initial educational capital, investment income, accrued state premiums of previous periods;

22) insurance payment under an insurance contract (hereinafter referred to as insurance payment) is the amount of money provided for in the insurance contract, including, inter alia, an insurance premium (insurance premiums), initial educational capital, investment income, government premiums, and paid by the participating insurance organization to pay for the educational services of the beneficiary in whose favor the contract was concluded insurance, as a result of the occurrence of an insured event or upon the expiration of the period specified in the insurance contract;

23) policyholder – a person who is a parent or other close relative, the legal representative of the beneficiary and who has concluded an insurance contract with the participating insurance company (in accordance with this Law, the policyholder is the insured);

24) the depositor is a citizen of the Republic of Kazakhstan, who is a party to the deposit agreement;

25) redemption amount – the amount of money that the policyholder is entitled to receive upon early termination of the insurance contract, determined in accordance with the procedure determined by the authorized body for regulation, control and supervision of the financial market and financial organizations.

The Law of the Republic of Kazakhstan dated January 14, 2013 No. 67-V.

This Law regulates public relations in the sphere of functioning of the State Educational Accumulative System, as well as the conditions, forms and content of its state stimulation.

President

Republic of Kazakhstan

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