The Singapore Deposit Insurance Corporation (SDIC) administers the Deposit Insurance Scheme in Singapore (DI Scheme) and Policy Owners' Protection Scheme (PPF Scheme). SDIC is a company limited by guarantee under the Companies Act. The board of directors is accountable to the Minister in charge of the Monetary Authority of Singapore.
The main functions of SDIC under the DI Scheme are to collect premium contributions from DI Scheme members, manage the Deposit Insurance Fund, compensate insured depositors and educate the public on the DI Scheme.
SDIC History
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18 Oct 2005 |
Commencement of Deposit Insurance Act 2005 |
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13 Jan 2006 |
Incorporation of SDIC under the Companies Act |
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27 Feb 2006 |
SDIC Rules issued |
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1 Apr 2006 |
Commencement of Deposit Insurance Scheme |
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2 Jan 2008 |
SDIC Rules amended, with new Rules on Compensation Payout Readiness |
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1 May 2011 |
Deposit Insurance Act 2005 re-enacted as Deposit Insurance and Policy Owners' Protection Schemes Act 2011 |
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1 May 2011 |
Deposit Insurance and Policy Owners' Protection Schemes (Deposit Insurance) Regulations 2011 issued |
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1 May 2011 |
SDIC Rules on Deposit Insurance amended and re-issued |
Website: https://www.sdic.org.sg/
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Last Updated on Monday, 29 August 2011 14:55
