The Central Deposit Insurance Corporation (CDIC) Chairman David Sun was succeeded by Taiwan Insurance Institute (TII) Chairman Hsien-Nung Kuei, following approval of Mr. Sun's retirement by the Executive Yuan. A handover and swearing-in ceremony for the incoming and outgoing chairmen was held on April 2, 2015 at 11:00 a.m. The ceremony was presided by Financial Supervisory Commission (FSC) Vice Chairperson Jennifer Wang and observed by many dignitaries.
Vice Chairperson Wang stated in her speech that deposit insurance is an indispensable part of the overall financial safety net. After the 2008 financial crisis, governments worldwide and international organizations further appreciated the importance of the deposit insurance systems in stabilizing depositor confidence and maintaining financial stability. The International Monetary Fund and World Bank have included deposit insurance in their assessments of national financial systems. Moreover, and the Financial Stability Board has approved inclusion of the "Core Principles for Effective Deposit Insurance Systems" issued by International Association of Deposit Insurers, IADI) among the "12 Key International Standards for Sound Financial Systems," further underscoring the importance of deposit insurance systems. In addition, the CDIC last year (2014) dispatched staff to assist and support the resolution of two problem insurance companies, culminating with successful tender sales in March this year (2015). Vice Chairperson Wang affirmed the CDIC's sustained efforts in fulfilling its function in the financial safety net and strongly affirmed the outstanding performance of the CDIC's outgoing Chairman Mr. Sun along with President Lin and the three Executive Vice Presidents and entire staff of the CDIC.
Outgoing Chairman Mr. Sun has extensive experience in the financial sector. Appointed on November 13, 2011, he led the CDIC for three years and five months. During a more than 40-year career in public office, Mr. Sun has made numerous achievements. He also represented the CDIC at meetings and conferences of the IADI and earned broad affirmation in his interactions with international peers. His successes in promoting financial diplomacy have contributed greatly to the CDIC and the country.
Incoming Chairman Mr. Kuei has been in public office for over 30 years. He has served successively as a Section Chief of the Securities and Exchange Commission under the Ministry of Finance (MOF), Secretary General of the Bureau of Monetary Affairs, Deputy Director General of the MOF Training Institute, Director General of the Department of Customs Administration, Counselor and Director of the Fourth Directorate of the Executive Yuan (Office of the Premier), Director General of the FSC Banking Bureau, and Chairman of the TII, among several other official positions. As Director General of the Banking Bureau, Mr. Kuei helped Taiwan's financial institutions to weather the global financial crisis: a task closely related to the CDIC's mission. As CDIC Chairman, Mr. Kuei will be in charge of affairs related to the financial safety net, early warning mechanism, and deposit insurance differential premiums, bringing talents that will certainly contribute to the CDIC's work in these areas.
With his extensive experience and excellent leadership skills, along with the efforts of the entire CDIC staff, Mr. Kuei is well-positioned to lead CDIC in planning integration mechanisms and laying a more solid foundation for the financial safety net in conjunction with financial policy and developments in the financial environment.