LEPL Deposit Insurance Agency was established on July 24, 2017 in accordance with the Law of Georgia on Deposit Insurance System, which entered into force on May 17, 2017.
The Deposit Insurance Agency is an independent legal entity of the public law. The main function of the Agency is to insure deposits of resident and non-resident individuals in all commercial banks operating in Georgia. In the event of commencement of liquidation, insolvency or bankruptcy proceedings in any of the banks (according to the Law of Georgia on Activities of Commercial Bank), the Deposit Insurance Agency will ensure the reimbursement of deposits to depositors up to the set limit within 20 calendar days.
The Agency is led by the Head of the Agency. Otar Dzidzikashvili was selected through an open competition and appointed as the Head of the Agency in September 2017. The organizational structure of the Agency was formed in accordance with the best international practice. The Agency is composed of five employees including the Head, a financial expert/analyst, a lawyer, a payout expert and an administrative specialist.
The Agency is supervised by the Board comprised of the Minister of Finance, the Minister of Economy and Sustainable Development, the President of the National Bank of Georgia and two (2) independent members selected by commercial banks.
The Deposit Insurance agency administers deposit insurance system in the country and ensures its proper and effective operation. The system was implemented in Georgia with the support of the World Bank and based on the Core Principles for Effective Deposit Insurance Systems issued by the International Association of Deposit Insurers (IADI) and the Basel Committee on Banking Supervision (BCBS).