IV. Corporate History, Capital, Executives and Staff Members, Organization
SIC Profile | |
| Establishment | September 1, 1973 |
| Objective | SIC was established as an authorized corporation under the Agricultural and Fishery Co-operative Savings Insurance Act (announced on July 16, 1973) for the purpose of protection of depositors and maintenance of a sound financial system. |
Corporate history of SIC
Month/Year | Description |
September 1973 | Establishment |
September 1986 | According to the amendment to the Agricultural and Fishery Co-operatives Savings Insurance Act (hereinafter “Savings Insurance Act”), partial payment system of insurance payment and financial assistance system were introduced. |
June 1996 | According to the amendment to the Savings Insurance Act: (1) Specified federations of fishery cooperatives* were included in the insurable financial institutions. *The credit federations of fishery cooperatives which took over the credit business of fishery cooperatives. (2) Assignment of the whole credit business was included in the eligible cases for financial assistance. (3) System for purchasing savings and other claims was introduced (enforced from April 1, 1997). (4) Systems for special premium, special purchase of savings and other claims, and special financial assistance were introduced (temporary measure until March 31, 2001). |
December 1997 | According to the amendment to the Savings Insurance Act: (1) Consolidation-type merger was included in the eligible cases for financial assistance. (2) Specified merger* was included in the eligible cases for financial assistance (temporary measure until March 31, 2001). *Merger between failing cooperatives through the mediation of the relevant prefectural governor. |
May 1998 | According to the amendment to the Savings Insurance Act: (1) Government debt guarantees for borrowings were granted. (2) Granting of subordinated loans and purchase of assets directly from failing cooperatives were included in the financial assistance methods. |
May 2000 (Enforced from April 1, 2001) | According to the amendment to the Savings insurance Act: (1) The Norinchukin Bank, credit federations of agricultural cooperatives and credit federations of fishery cooperatives were included in the insurable financial institutions. (2) Partial assignment of credit business and transfer of the insured savings were included in the eligible cases for financial assistance. (3) Bank debentures were included in the insured savings. (4) Subscription for preferred equity investment and loss sharing were included in the financial assistance methods. (5) Administrator system, operations related to agreed servicers and financial crisis management were introduced. (6) Loan of funds for repayment of savings was introduced. (7) The temporary measure described in (4) in the column of “June 1996” was extended by one year. Liquid savings (specific savings) were fully protected until the end of March, 2003. According to the Act on Special Treatment of Rehabilitation Procedures of Agricultural and Fishery Cooperative: |
January 2002 | Designated public corporations* were included in the insurable financial institutions. *The corporations specified in the Article 32 of the Act on Enhancement and Restructuring of Credit Business Conducted by the Norinchukin Bank and Specified Agricultural and Fishery Cooperatives, etc. (No. 118 of the laws in 1996) (hereinafter “Enhancement and Restructuring Act”). |
December 2002 (Enforced from April 1, 2003) | According to the amendment to the Savings Insurance Act: (1) Full protection for savings for payment and settlement purposes was newly set up. (2) Protection of settling obligation was introduced. (3) Loan of funds for satisfying settling obligation was introduced. (4) The temporary measure of full protection of specific savings was extended by two years. |
August 2011 (Enforced from September 26, 2011) | According to the amendment to the Enhancement and Restructuring Act: (1) Operations related to subscription for preferred equity investment were introduced. (2) Operations related to the disposition of subscribed preferred equity investment were introduced. |
November 2011 (Enforced from January 26, 2012) | Following the enactment of the Act on Corporation for Revitalizing Earthquake-Affected Business, SIC promoted the establishment of the Corporation and capitalized \1,314 million on the Corporation. |
September 2015 (Enforced from April 1, 2016) | According to the amendment to the Enhancement and Restructuring Act: (1) Limited bridge bank* was included in the insurable financial institutions. (Effective until March 31, 2026) According to the amendment to the Savings Insurance Act: (2) Provision of partial reimbursement of premium was added. * The “Limited bridge bank” refers to a subsidiary of the Norinchukin Bank of which main purpose is to acquire the whole/part of credit business of AFCs facing business difficulty, temporarily continue and finally transfer the business to the Norinchukin Bank. |
Capital \1,620 million
(As of October 1, 2013)
Account | (Unit: million yen) | ||
| General Account | Government | 75 | |
| Bank of Japan | 75 | ||
| Financial Sector | 150 | ||
| The Norinchukin Bank | 75 | ||
Credit federations of agricultural cooperatives, etc. | 67.5 | ||
| Credit federations of fishery cooperatives, etc. | 7.5 | ||
| Corporation for Revitalizing Earthquake-Affected Business Account | Government | 1,320 | |
| Total | 1,620 | ||
Executives and staff members
[Executives]
One President, one Vice President and one part-time Auditor
President and auditor are appointed by the competent ministers (the Commissioner of the Financial Services Agency, the Minister of Finance and the Minister of Agriculture, Forestry and Fisheries).
Vice President is appointed by the President subject to the approval of the competent ministers.
Title | Name |
| President | Eiryu Sanatani |
| Vice President | Hiroshi Ueda |
| Auditor | Chihiro Kanai |
*Term of office and career of executives
[Staff Members]
The number of staff members is specified by the law, which is 18 in 2016.
(Changes in number of staff members)
Year | Number of staff members |
| FY2003 | 23 |
| FY2004 | 22 |
| FY2005 | 20 |
| FY2006 | 20 |
| FY2007 | 20 |
| FY2008 | 19 |
| FY2009 | 18 |
| FY2010 | 18 |
| FY2011 | 18 |
| FY2012 | 18 |
| FY2013 | 18 |
| FY2014 | 18 |
| FY2015 | 18 |
| FY2016 | 18 |
Organization of SIC
[Organization]
Two departments and five sections Organization chart (PDF file)
Work contents of each section
| General Affairs Section | Overall coordination of the SIC’s administrative works, convening of the Policy Board and other meetings, personnel affairs, salaries, budget, contract, document control, public relations (organizational information), release of information, protection of personal information and so on. |
| Financial Affairs Section | Fund operation, accounting, cash management, conservation of assets, account settlement, handling of audit and so on. |
| Planning Section | Planning and operation of training workshops, research and operation of legislations related to the Savings Insurance Act, public relations (information on deposit insurance system), depositor consultation, research and surveys on savings insurance systems including those of overseas, consideration of the premium rate and the level of liability reserve and so on. |
| Operations Section | Collection of insurance premiums, operations of financial administrator, financial assistance, asset purchases from cooperatives, purchases of receivables such as savings, inspection/guidance relevant to pursuit of liabilities of the managers, insurance payment and partial payment, financial crisis management, development/maintenance of systems, monitoring of agricultural/fishery cooperatives, operations related to special treatment of earthquake disaster, revitalization of earthquake-affected business, various investigations and so on. |
| Inspection Section | On-site inspection and so on. |
(Location of SIC office)
| Address | Shin Tokyo Building 9F, 3-3-1 Marunouchi, Chiyoda-ku, Tokyo 100-0005 |
| Main number/ Direct phone number to General Affairs Section | +81 (3)-3285-1270 |
| Direct phone number to Financial Affairs Section | +81 (3)-3285-1280 |
| Direct phone number to Operations Section | +81 (3)-3285-1278 |
| Direct phone number to Inspection Section | +81 (3)-3285-1279 |
| Direct phone number to Planning Section/ depositor consultation | +81 (3)-3285-1272 |
| Facsimile | +81 (3)-3285-1274 |
