From the beginning of May 2026, the Deposit Insurance Law officially takes effect. This Law consists of 8 Chapters and 41 Articles regulating deposit insurance (DSI) activities; rights and obligations of depositors, DSI participating organizations, DSI organizations and state management of DSI.
Notably, this Law clearly stipulates the handling of deposits exceeding the insurance payment limit. Accordingly, deposits of people insured by deposit insurance, including principal and interest exceeding the insurance payment limit, will be resolved in the process of handling assets of organizations participating in deposit insurance according to the provisions of law.
In addition, the law also stipulates the recovery of insurance money to be paid from deposit insurance participating organizations. Typically, deposit insurance organizations become creditors of deposit insurance participating organizations for insurance money paid to depositors from the date of payment of insurance money.
Deposit insurance organizations are divided the value of assets in the same order as depositors and recover the amount of insurance payable in the process of handling assets of deposit insurance participating organizations according to the provisions of law.
Regarding insurance payment procedures, the law stipulates that within 5 working days from the time the insurance payment obligation arises, the deposit insurance organization must send a dossier requesting insurance payment to the deposit insurance organization.
The dossier requesting insurance payment includes a written request for insurance payment, a list of depositors, the deposit amount of each depositor and the insurance amount requested for payment by the deposit insurance organization.
Within 5 working days from the date of receiving sufficient dossiers as prescribed, the deposit insurance organization shall inspect documents and books to determine the amount of payment.
Within a maximum of 45 days from the time the insurance payment obligation arises, the deposit insurance organization is responsible for paying insurance money to the depositee.
When receiving insurance money, the depositor must present documents and data proving the legal ownership of insured deposits at the deposit insurance organization.
Deposit insurance organizations directly pay insurance money to depositors or authorize other deposit insurance participating organizations to implement.
After a 10-year period from the date the deposit insurance organization publicly announces the payment of insurance money, insurance money that is not received will be supplemented to the operating capital of the deposit insurance organization, the person who owns the insured deposit has no right to request the deposit insurance organization to pay that insurance money.
