Approval Standards for Financial Institutions Applying to Participate in Deposit Insurance Article 2

All financial institutions that have been duly approved to accept deposits, postal savings or to be consigned to manage trust funds used for the purpose designated by the financial institutions (hereinafter referred to collectively as "deposits") should submit their application for deposit insurance to the Central Deposit Insurance Corporation (hereinafter referred to as “CDIC”) after obtaining approval of incorporation from the competent authority or the competent authority of the agricultural finance and not later than 2 months of commencement of their business operation.For financial institutions that have not applied to participate in deposit insurance within the prescribed time limit according to the previous Paragraph, the CDIC shall, pursuant to Paragraph 2 of Article 10 of the Act, report to the competent authority or the central competent authority of the agricultural finance to request the replacement of the persons-in-charge or revoke its license.