Page 10 - CDIC Company Profile Ebook
P. 10
Principal Operations
Deposit insurance Financial stability
1. Deposit insurance
(1) Membership
All financial institutions legally approved to accept deposits (including
postal savings) shall apply to the CDIC to join the deposit insurance and
become insured institutions upon review and approval by the CDIC.
However, these provisions do not apply to the Taiwan branches of foreign
banks whose deposits are protected by the deposit insurance in their home
countries.
Types of insured institutions protected by deposit insurance include:
● Domestic banks
● Taiwan branches of foreign and mainland Chinese banks
● Credit cooperatives
● Credit departments of farmers' associations
● Credit departments of fishermen's associations
● Chunghwa Post Co., Ltd.
(2) Method of participation
In order to control insured risks, financial institutions shall apply for
participation in the deposit insurance scheme subject to the CDIC’s approval.
A newly established deposit-taking institution should submit its application for
deposit insurance to the CDIC after obtaining approval of incorporation
from the competent authority or the central competent authority of the
agricultural finance and no later than two months of commencement of
their business operation in accordance with the Approval Standards
for Financial Institutions Applying to Participate in Deposit Insurance.
10 <<<< Central Deposit Insurance Corporation
