Agricultural and Fishery Cooperatives Savings Insurance Act.

The purpose of this Act is, in order to protect the depositors, etc. of agricultural or fishery cooperative and to secure the settlement of funds relating to agricultural or fishery cooperative in financial difficulties, to provide for the payment of insurance proceeds, etc. and the purchase of claims on savings, etc. as necessary in the event that an agricultural or fishery cooperative suspends the withdrawal of savings, etc., and to establish a system of appropriate financial assistance for mergers, etc. relating to agricultural or fishery cooperative in financial difficulties, management by administrators, measures to deal with financial crises, and measures for the orderly processing of assets and liabilities of the Norinchukin Bank.
Agricultural and Fishery Co-operatives Savings Insurance Corporation (SIC) is a corporation. The SIC must be registered as specified by Cabinet Order. The stated capital of the SIC is the total amount of capital contributions by the government, The Norinchukin Bank, and other non-governmental parties at the time of its establishment. In order to establish the SIC, seven or more persons who have specialized knowledge and experience in agriculture or fisheries and finance are required to be founders. The Act further provides for: insurance relationships, payment of insurance premiums, financial assistance, supervision, responses to the financial crisis, penalties, etc.