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.

In view of the particular public and economic importance of banking system the Agency has replaced the Arbitration managers - individual entrepreneurs, in case of bankruptcy of credit organizations licensed by the Bank of Russia to attract household deposits, as well as in case of bankruptcy of "absent" credit organizations - debtors.

Concurrent execution by the Agency of two functions — deposit insurance and liquidation of insolvent banks — is necessary component of entire system of depositors' and other creditors' of Russian banks interests protection. Similar organizational combination of functions lets reduce losses of DIS; quickly and efficiently reimburse from the bankrupt's estate to the mandatory deposit insurance fund resources, paid out to depositors; ensure transparency and completeness of settlements with all creditors. Combination of functions lets form a single center of responsibility before creditors of insolvent banks that will promote to increase the confidence in the banking system and government institutes.

The Agency is a non-commercial organization, which acts in the form of the State Corporation. The Supreme Body of the Agency is the Board of directors, which consists of seven representatives of the Government of the Russian Federation, five representatives of the Bank of Russia and General Director of the Agency
 

source: http://www.asv.org.ru/en/dia/