Functions, Duties & Authorities

Functions of IDIC

  1. To insure depositor’s fund.
  2. To actively participate in promoting stability for the country’s financial system in accordance with its authorized mandate.

Duties of IDIC

  1. To formulate and determine implementation of policies on deposit insurance.
  2. To implement the deposit insurance program.
  3. To formulate and issue policies so as to actively participate in ensuring the financial system’s stability.
  4. To formulate, determine, and implement the resolution policy for Failing Banks that do not pose as a systemic threat.
  5. To perform the handling of Failing Bank that pose as systemic threats.

Authorities of IDIC

  1. To determine and collect insurance premiums.
  2. To determine and collect initial contributions from banks’ upon becoming members of IDIC.
  3. To manage IDIC’s assets and liabilities.
  4. To obtain data on customers’ deposits, the bank’s soundness report, bank’s financial statement, and report on examination of the bank provided that it does not violate the bank’s secrecy.
  5. To perform data reconciliation, verification, and/or confirmation on data as stipulated in point 4.
  6. To determine the terms and conditions, procedures, and requirements on claim payments.
  7. To appoint, delegate, and/or assign other parties to act in the interest and/or on behalf of the IDIC, in order to perform specific tasks.
  8. To carry out public awareness programs on deposit insurance to the banks and the general public..
  9. To implement administrative sanctions.