YEAROF
ESTABLISHMENT
(SEPT. 1985)
CHANGES (SEPT. 1985~PRESENT)
Depositor
Preference
None
Added inMay2006:
When an insured institution is disposed of by the CDIC
with the stipulation of the
Deposit Insurance Act
by the
competent authority or the central competent authority
for agricultural finance for resolution or liquidation
upon clearing the debt, its deposit liabilities shall take
precedenceover non-deposit liabilities.
Establishment
of TwoSeparate
Deposit Insurance
Payout Special
Reserves
None
Added inJanuary2007:
•
The reservesweredivided into separatedeposit insurance
payout accounts for general financial institutions and
agricultural financial institutions.
•
Both reserve funds have a target ratio of 2% of covered
deposits.
Inspection
of Insured
Institutions
If theCDICdeemed
it necessary, and
after obtaining the
prior approval of the
competent authority
in consultationwith
theCentral Bank, the
CDICcouldexamine the
business records and
accountsof an insured
institution.
•
Revised inJanuary2007as follows:
The CDIC may in accordance with Article 24 of the
Deposit Insurance Act
perform inspections on insured
institutionson the following items:
1.Accuracy of deposit assessment base and the content of the
electronic data files for the calculation of deposit insurance
premiumsandtheamountof thepayout.
2.Any event causing the termination of the deposit insurance
agreement.
3.Assetsand liabilitiesof insured institutionsprior to the fulfillment
of insuranceresponsibilities.
4.Property information and information needed topursue civil
liabilities for illegal acts or omissions by employees of failed
insured institutionsand for thoseof problem insured institutions
thatreceive financialassistance.
•
Addition inJanuary2012:
Pursuant to Subparagraph 1, Paragraph 1, Article 24
of the
Deposit Insurance Act
and Item 4, Point 3 of
the Implementation Scheme of the Deposit Insurance
Premium System approved by the Financial Supervisory
Commission, in order to confirm the accuracy of the data
and files related to the risk indicators reportedby insured
institutions, the CDIC shall conduct review inspections
andevaluation inspections.
72
Central Deposit Insurance Corporation 30Years inRetrospect
