Functions, Duties, & Authority of Indonesia Deposit Insurance Corporation (IDIC)
Functions of Indonesia Deposit Insurance Corporation (IDIC)
- To insure customer’s deposits.
- To play an active role in maintaining banking system stability in accordance with its authority.
Duties of Indonesia Deposit Insurance Corporation (IDIC)
- To formulate and establish a policy on deposit insurance implementation.
- To implement deposit insurance.
- To formulate and establish a policy to allow IDIC to play an active role in maintaining banking system stability.
- To formulate, establish, and implement a policy on how to handle Failed Banks without systemic impacts.
- To handle Failed Banks with systemic impacts.
Authority of Indonesia Deposit Insurance Corporation (IDIC)
- To determine and levy insurance premium.
- To determine and levy contributions when a bank first becomes a participant.
- To manage the assets and liabilities of IDIC.
- To acquire data on customer’s deposits, bank soundness, financial reports of banks, and audit reports of banks provided that acquiring such data does not breach confidentiality of banks.
- To reconcile, verify, and/or confirm the data set forth in item 4.
- To determine terms, conditions, and mechanism of claim payment.
- To appoint, authorize, and/or assign another party to act for and/or on behalf of IDIC to perform certain duties.
- To provide information to banks and the public on deposit insurance.
- To impose administrative sanctions.