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Establishment       July 14, 2013

The Bank deposit insurance law was adopted by the Mongolian parliament on January10, 2013, and laid down the legal basis for theestablishment of the DepositInsurance Corporationof Mongolia (DICoM)with the mandate to protect depositors’ interests and ensure financial stability. The DICoMisa nonprofit, state owned corporation that acts as an independent agency of the Government to implement thedepositinsurancescheme.

August 16, 2013 it hosted the official opening ceremony among the higher ups of the company in which it was awarded official bank certificate.

Chronology

2013.01.10    Mongolian Parliament passed Banks deposit insurance law that insures peoples’savings in Mongolian banks.

2013.04.05  National Committeeof Deposit insurance and Action plan to establish a Deposit Insurance Corporation of Mongolia were adopted by joint decree of the Minister of Finance and Governor of Bank of Mongolia.

2013.04.16    National committee created a working group to establish DICoM.

2013.05.24    “Statute of Deposit insurance corporation” and “Meeting Procedures of National Committee” were adopted by joint decree of the Minister of Finance and Governor of Bank of Mongolia.

2013.06.14    DICoM is registered with the Office for Registration of Legal Entities.

2013.08.16    Opening ceremony of DICoM and issuance of membership certificates to commercial banks.

2013.09.26    “Regulation on financial support for banks”and “Regulation on reporting by banks”have been approved by the National Committee.

2013.10.02    DICoM provided 204.9 billion Tugriks financial assistance to State bank based on the decision of the National Committee.

2013.12.21    DICoM became the 72nd member of the International Association of Deposit Insurer (IADI)

2013.12.24    “Methodology on risk assessment of banks” was adopted by joint decree of the Minister of Finance and Governor of Bank of Mongolia.

                        2014.06.13   “Regulation of the Payout Procedure” was approved by the National Committee

                      2014.06.13    The National Committee has adopted the “Rule for Selecting the Payout Agent Bank”

                      2014.08.06     “Code of Ethic” was approved jointly by the Minister of finance and the Governor of the BoM.

                       2014.06.13    "Insurance compensation regulations" and "compensatory selection procedure of the bank" were adopted by the National Committee’s Resolution

                     2014.08.06    “Code of ethics” approved by a joint resolution from the Minister of Finance and the Governor of Mongol bank

                      2014.08.13    The DICoM signed a MoU with Korean DIC, including implementing an experience and recommendation of professional organization.

                      2014.10.23    The amendments on “The procedure for informing the public on insurance cases”, “Investment Policy” and “the regulations for submitting reports and information” were approved by National Committee’s Resolution

                    2014.10.23    Deposit Insurance Corporation of Mongolia has made improvements on the restructuring and compensation and International Association of Deposit Insurers (IADI) has recognized it and selected as a 2014’s Top                                 Organizations.

                      2014.10.31    Celebrated World Savings Day with member banks first time in Mongolia.

                       2014.12.08    Became a member of the Mongolian National Chamber of Commerce and Industry.

Асуулт хариулт

WHO IS THE INSURED DEPOSIT HOLDER?

It is the entity or the person who is holding current account and money accounts at the commercial banks.

WHAT IS DEPOSIT INSURANCE?

 

Deposit insurance is the system that provides a limited security or hedging against the risk to member commercial banks and their deposit holders in order to create systematic financial stability and public’s trust to the banking sector, by paying back compensation or contract terms in case of insurance case.  It is the entity or the person who is holding current account and money accounts at the commercial banks. 

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