I. Purpose of the Savings Insurance System
The purpose of the savings insurance system is to protect depositors and contribute to maintaining orderly credit conditions by paying necessary insurance benefits, etc., from the Corporation to depositors, as well as purchasing savings and other receivables when cooperatives conducting credit business (i.e. agricultural cooperatives, fishery cooperatives, fishery processing cooperatives, credit federations of agricultural cooperatives, credit federations of fishery cooperatives, federations of fishery processing cooperatives, and the Norinchukin Bank) have suffered a business failure. Besides this, another purpose of the system is to establish appropriate financial assistance for mergers, etc., administration by receivers, measures to respond to financial crises, and others for agricultural and fishery cooperatives faced with business difficulty (mainly limited to cooperatives faced with business difficulty arising from credit business).
The legal basis for this savings insurance system is provided by the following laws and ordinances.
– Agricultural and Fishery Cooperatives Savings Insurance Act (Law No. 53 of July 16th, 1973)
– Agricultural and Fishery Cooperatives Savings Insurance Act Enforcement Order (Cabinet Order No. 201 of July 16th, 1973)
– Agricultural and Fishery Cooperatives Savings Insurance Act Enforcement Regulations (Ministry of Finance and Ministry of Agriculture and Forestry Ordinance No.1 of July 16th, 1973)
– Act on Special Provisions concerning Rehabilitation Proceedings of the Agricultural and Fishery Cooperative Savings Insurance Corporation (Extra Law No.95 of May 31st, 2000)
-Enforcement Order for the Act on Special Provisions concerning Rehabilitation Proceedings of the Agricultural and Fishery Cooperative Savings Insurance Corporation (Cabinet Order No. 32 of February 15th, 2001)
