The audit of the payment procedure of insurance premiums paid by credit institutions and, the verification of the amounts are conducted in collaboration and coordination with the BRSA. The credit institutions input their financial indicators into the Banking Data Transfer System (BDTS) established by the BRSA. On the other hand, they submit the insurance premium table including values for risk factors in insurance premium tariff, and insurance premium base value to the SDIF no later than the 45th day following the relevant premium term.
The accuracy of the values in the insurance premium table submitted to the SDIF by credit institutions is confirmed via the BDTS accessible by the SDIF as a part of the protocol between the BRSA and the SDIF for exchange of information and cooperation, and the SDIF informs respective credit institutions of premium rates and amount to be paid.
The credit institutions pay the due amounts to the accounts of the Fund at the CBRT until the last business day of the second month following the relevant premium term. The SDIF regularly monitors BDTS for any change that is likely to affect the due premium sums to be paid by credit institutions both until the due date of payment and after the payment is made.
In case of any underpayment or overpayment of any premium amounth resulting from a system-related failure is detected as a result of inspections by the BRSA in a credit institution, then that credit institution is guided for necessary improvements for the system, and the Fund makes additional collections or refunds/set-offs.