Korea Deposit Insurance Corporation
The Korea Deposit Insurance Corporation (KDIC) is a South Korean deposit insurance corporation, established in 1996 to protect depositors and maintain the stability of the financial system. The main functions of KDIC are insurance management, risk surveillance, resolution, recovery, and investigation.
Overview
The Korea Deposit Insurance Corporation (KDIC) is a South Korean deposit insurance corporation, established in 1996 to protect depositors and maintain the stability of the financial system. The main functions of KDIC are insurance management, risk surveillance, resolution, recovery, and investigation.
Historical highlights
The Depositor Protection Act was enacted on December 29, 1995, and the KDIC established on June 1, 1996. The KDIC began its operations as a deposit insurer on January 1, 1997, collecting The first deposit insurance premiums on April 30 that year. The first Deposit Insurance Fund Bond was issued on January 3, 1998, and on April 1 deposit insurance funds were consolidated under the management of the KDIC. The Resolution Finance Corporation (RFC) was established on December 27, 1999.
2001
Jan. 01 Limited Coverage System was reinstated. Dec. 24 The Special Investigation Mission began its operations.
2002
May. 06 The KDIC Joined the International Association of Deposit Insurers (IADI) as a founding member.
2003
Jan. 01 The New Deposit Insurance Fund was created. Mar. 25 MOU with the Central Deposit Insurance Corporation (CDIC) was signed. Sep. 04 MOU for joint examination of financial institutions with the Financial Supervisory Service (FSS) was signed.
2004
Jan. 01 Credit Unions were excluded from deposit insurance coverage.
2006
Jun. 14 The KDIC hosted the International Open House 2006. Jun. 16 Letter of Intent (LOI) for mutual cooperation with the Deposit Insurance Corporation of Japan (DICJ) was signed. Oct. 31 MOU with the Deposit Insurance of Vietnam (DIV) was signed. Dec. 18 Agreement with the Financial Services Compensation Scheme (FSCS) for mutual cooperation and communication was signed.
2007
Nov. 16 MOU with the United States Federal Deposit Insurance Corporation (FDIC) was signed.
2008
Nov. 23 Foreign currency denominated deposits were included in the coverage.
2009
Jan. 01 The Target Fund System came into force. Mar. 24 MOU with the Deposit Insurance Agency (DIA) of Russian Federation was signed. May. 27 Mr. Lee Seung-Woo was appointed as the 7th Chairman & President. Jun. 06 Retirement Pension products were included in the coverage. Nov. 11 The Resolution Finance Corporation (RFC) was closed.
2010
May. 28 MOU with the Deposit Insurance of Vietnam (DIV) was renewed. Nov. 19 MOU with the Indonesia Deposit Insurance Corporation (IDIC) was signed.
2012
Oct. 9 KDIC sold around $550 million worth of shares in Korea Electric Power Corporation.
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