Article 14-3. Use and return of the initial educational capital The Law On the State Educational Accumulative System

Home / RLA / Article 14-3. Use and return of the initial educational capital The Law On the State Educational Accumulative System

1. The accrued initial educational capital is subject to repayment in the following cases::

1) establishing the fact of non-payment by the depositor or the policyholder of the annual minimum contribution in the amount and terms determined by the legislation of the Republic of Kazakhstan, except for the cases provided for in part two of this paragraph;

2) loss of citizenship of the Republic of Kazakhstan by the depositor or beneficiary;

3) termination of the deposit agreement on the initiative of the depositor or termination of obligations under the deposit agreement due to the expiration of the term without observing the intended purpose, except for the cases provided for in Article 11 of this Law;

4) termination on the initiative of the policyholder, in the event of the death of the policyholder – beneficiary of the insurance contract or termination of obligations under the insurance contract due to the expiration of the term without observing the intended purpose, except for the cases provided for in Article 11-1 of this Law.

The initial educational capital will not be refunded if the depositor fails to pay the annual minimum contribution within the time period established by the legislation of the Republic of Kazakhstan or in the manner and cases established by the civil legislation of the Republic of Kazakhstan, his legal representative or the policyholder in case of loss of income due to restrictions on activities for the duration of the state of emergency, declaration of an emergency, introduction of restrictive measures, including quarantine, or his death.

2. The return of the initial educational capital is carried out by the participating bank or the participating insurance company to the operator in accordance with the rules for accrual, use, and return of the initial educational capital.

3. The use of the returned initial educational capital is carried out by the operator in accordance with the rules for accrual, use, and return of the initial educational capital.

President

Republic of Kazakhstan

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