It is registered
Ministry of Justice
Republic of Tajikistan
On August 8, 2011 No. 532
of August 2, 2011 No. 758
About deposits insurance and savings
This Law establishes legal, organizational and financial basis of functioning of system of compulsory insurance of deposits and savings, including procedure for creation and activities of Fund of deposits insurance and savings and provides protection of the rights and interests of investors and building confidence of the population in bank system of the Republic of Tajikistan.
In this Law the following basic concepts are used:
- insurance - the relation on depositor protection from risk of bankruptcy of credit institutions;
- insured event - involuntary liquidation of credit institution the judgment not on the bases of bankruptcy or on the bankruptcy bases according to the Law of the Republic of Tajikistan "About liquidation of credit institutions" therefore there are obligations of Fund of deposits insurance and savings on payment of the amount of insurance indemnity to investors, bankrupt credit institution;
- credit institutions - legal entities (banks, non-bank credit institutions and the microfinancial organizations) performing all or separate banking activities provided by the law based on the license of National Bank of Tajikistan;
- intermediate bank - the bank created for acceptance of assets, obligations and/or accomplishment of tasks credit the organizations, being under temporary administration, performing separate banking activities;
- the deposit and (or) saving - money, the right to temporary use by which are transferred with condition of payment of certain percent of credit institution;
- the investor - physical person, including the individual entrepreneur, and also legal entities of small business entity and the non-profit organizations using the simplified system of financial accounting according to the legislation of the Republic of Tajikistan and the agreement of bank saving or bank account agreement which signed with credit institution;
- The fund of deposits insurance and savings of Tajikistan (further - Fund) - the non-commercial legal entity who has separate balance has round stamp with indication of the name, the image of the State Emblem of the Republic of Tajikistan and protects the rights and legitimate interests of investors by payment of insurance indemnities;
- insured deposits - the money on deposit and savings accounts which is obligatory objects of insurance according to this Law;
- deficit of Fund - insufficiency of the fund necessary for payment of the amount of insurance indemnity for investors;
- payments - the admission, calendar or additional contributions which are subject to payment by credit institutions in Fund according to this Law;
- the amount of insurance indemnity - money to which according to this Law the investor has the right in case of insured event;
- the deposit - the money and other values of physical persons and legal entities transferred to storage of the deposit organization;
- system of deposits insurance and savings - the state protection of the rights and legitimate interests of investors directed by Fund to payment of insurance indemnity to investors in case of loss occurrence in credit institution;
- agent bank - credit institution by means of which the Fund performs payment of insurance indemnity to investors according to this Law.
The legislation of the Republic of Tajikistan on deposits insurance and savings is based on the Constitution of the Republic of Tajikistan and consists of this Law, other regulatory legal acts of the Republic of Tajikistan, and also the international legal acts recognized by Tajikistan.
The basic principles of deposits insurance and savings are:
- obligation of membership in Fonda for the credit institutions having the right to attraction of deposits and savings;
- transparency of deposits insurance and savings in credit institutions.
1. The fund is non-commercial legal entity with separate balance and seal and acts on the basis of the charter approved by founders of Fund.
2. The location of Fund is the city of Dushanbe.
3. The fund according to this Law performs the activities without license.
4. The constituent document of Fund of deposits insurance and savings is the Fund charter and its conditions are performed completely and in amount, not contradicting this Law.
5. The fund is legal successor of Fund of the deposit guarantee of physical persons and according to this Law assumes guarantees of the rights, obligations and their property;
6. Regulations of the legislation of the Republic of Tajikistan on regulation of the insurance market and insurance activity do not extend to activities of Fund.
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