Live Insurance News

China set to launch new deposit insurance initiative

December 4, 2014December 1, 2014 Nordstrom

New insurance initiative may provide depositors with some much needed protection China is launching a new deposit insurance initiative. The initiative is meant to protect depositors from the financial risks they face in the current economic climate. The insurance coverage provided to depositors will serve as a safety net from the losses they see when a bank fails to pay its own debts. A new insurance agency is being formed as part of this initiative and will be responsible for providing coverage to financial institutions operating in China. Banks will…

Bank deposit insurance draft rules launched in China

December 3, 2014December 1, 2014 Julie Campbell

The anticipated regulations for the upcoming system in the country has now been released in its draft form. China has now created the draft regulations for the introduction of a system of bank deposit insurance coverage for the very first time within that country, in one step among many that could be very meaningful in terms of liberalizing its interest rates and to give its financial institutions the ability to compete commercially for customers. The launch of these draft rules for the insurance program arrived shortly after it was revealed…

Deposit insurance fund may soon be coming to China

December 12, 2013December 9, 2013 H. Cutner

The central bank in the country could be assembling this fund as soon as 2014. As a step toward the establishment of an independent deposit insurance company, the central bank in China will likely be assembling a fund of that nature within the next year so that it will be prepared to provide the necessary coverage when its new product arm is ready to launch Although this action has yet to be officially confirmed, the news has been leaked by several unnamed sources. These sources, close to the central bank,…

Transaction Account Guarantee program up for extension

December 14, 2012January 9, 2014 Dan

Senate debates extending Transaction Account Guarantee program The U.S. Senate has taken up legislation regarding the Transaction Account Guarantee program, a federal initiative designed to protect certain non-interest bank accounts with insurance coverage. The program was developed in the height of the economic recession as a way to protect small banks while larger institutes either failed or were bailed out by the federal government. The program has been considered a boon for small, community-based banks that would have collapsed without adequate insurance protection. Program could continue to protect small banks…

Deposit insurance extension requested from Congress by banks

August 1, 2012 Julie Campbell

The lobby was made out of fear of a withdrawal of billions of dollars by businesses. Banks are urging Congress to extend the special U.S. deposit insurance at the end of 2012 instead of allowing it to expire, out of growing concerns that companies will begin withdrawing billions of dollars. The Transaction Account Guarantee (TAG) program is the center point of this issue. This is the form of deposit insurance that protects all credits into bank checking accounts above the Federal Deposit Insurance Corp’s $250,000 in coverage. The main benefit…