Decree on Deposit Protection
关于存款保护的法令
ດຳລັດ ວ່າດ້ວຍການປົກປ້ອງເງິນຝາກ
Summary
The decree on deposit protection issued by the Government of Laos stipulates the principles, regulations, and measures for the management, monitoring, and inspection of deposit protection, to protect the rights and interests of depositors, enhance public confidence in the financial institution system, and maintain and develop the Lao financial institution system. It establishes the Deposit Protection Office and the Deposit Protection Fund, and specifies the scope of protection, compensation, membership, insurance premiums, management and inspection authorities, and rewards and penalties.
Articles
Article 1
Purpose. This Decree stipulates principles, regulations, and measures for the management, monitoring, and inspection of deposit protection work, in order to safeguard the rights and interests of depositors, aiming to enhance public confidence in the financial institution system and contribute to maintaining stability and developing the financial institution system of Laos.
Article 2
Deposit Protection. Deposit protection refers to the protection of the lawful rights and interests of depositors held with members of the Deposit Protection Office.
Article 3
Interpretation of Terms. The terms used in this Decree shall have the following meanings: 1. Financial institution refers to commercial banks and deposit-taking microfinance institutions duly established under the laws and regulations of the Lao PDR; 2. Member refers to a financial institution that is a member of the Deposit Protection Office; 3. Deposit refers to funds placed in accounts by depositors with members; 4. Depositor refers to an individual, legal entity, or organization that places its own funds with a member; 5. Deposit insurance premium refers to funds that members are required to pay to the Deposit Protection Office at the insurance premium rates set for each period; 6. Protected amount refers to funds that the Deposit Protection Office is required to refund to depositors up to the prescribed limit; 7. Restructuring Committee refers to a committee appointed by the Bank of the Lao PDR to take over the operations of a member facing financial difficulties and lacking stability, which may lead to bankruptcy; 8. State of bankruptcy refers to a state where a financial institution is experiencing difficulties or operating at a loss, unable to repay debts on time after adopting various necessary financial measures, and confirmed by the Bank of the Lao PDR; 9. Last day of operations refers to the date on which the Bank of the Lao PDR confirms the state of bankruptcy.
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