Deposit Insurance Agency was established in January 2004 on the basis of the Federal law «On the Insurance of Household Deposits in Banks of the Russian Federation» # 177-FZ dated 23.12.2003. To ensure operations of deposit insurance system the Agency shall pay out deposit compensation amounts to depositors in case of insurance event; keep register of banks-participants of DIS; monitor the formation of deposit insurance Fund, including insurance premiums of banks; manage the resources of the deposit insurance Fund.
Owing to the enactment of the Federal Law «On amendments to the Federal Law "On insolvency (bankruptcy) of credit institutions" and declaration invalid of some legal acts of the Russian Federation» dated 20.08.2004 # 121-FZ an institute of corporate Receiver of insolvent banks was established in Russia. The functions of the Receiver were delegated to the Agency.
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