Important Central Insurance Agency

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Matthew100x

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Matthew100x
Matthew100x
Lawyer
Central Insurance Agency:

The Central Insurance Agency is an organization that ensures the protection of customers in verified player-run banks.
  • It mitigates risk for verified player banks by protecting players.
  • It protects customers in verified player banks because deposits become protected.
This means that the customers are assured that their money is protected. Banks can apply for CIA Verification to receive this protection. If the CIA accepts a bank's verification application, they are allowed to advertise that they are a verified player-run bank.

Applying for Verification
In order to apply, the bank must exist for a minimum of two weeks before applying and must be a registered business. Additionally, banks must have a book-keeping system. All deposits must be recorded by screenshot. To apply, create a new forum application in this section, following the Application Format below.

Format for Application:


Title: (Bank Name) - Verified Bank Application

Username:
Playtime:
Bank name:
Bank creation date:
A blank copy of your Bank’s Finance sheets:
Discord for your Bank:
Do you have a Discord role for Analysts: (Yes, No)

What is the process that your bank uses to log transactions:

Transparency
Bank records must be made accessible via Google sheets. These records must include:
* A list of all active bank accounts and/or loans being repaid
* History of all transactions made by an account holder (deposits and withdrawals)
* The total value of your current reserves.
Click for an example of a spreadsheet that can help you. Feel free to copy, modify, and use as you see fit.

Open a Dispute
In order to make a claim as a bank, please provide transaction logs and banking finances.
In order to make a claim as a customer, please provide screenshots proving your deposits.

Please, open a ticket in the DoE discord to make a claim:
Account Protection
The maximum account protection provided will be $75,000. Each player can have two accounts per bank protected. An individual account and a business account.

Important Notes
Please note, the Central Insurance Agency reserves the right to audit your verified bank including but not limited to, transaction details, loan details, plot purchases, bank assets, stock options, all account details, debts, and bank financial health.

Verified banks must remain active at any time after their verification. A bank is considered active if it performs the regular operation and maintenance of a player-owned bank. This includes tasks such as advertising, accepting deposits, processing withdrawals, providing loans, and managing account balances. An active bank is one performing these functions and actively engaging with the community.

The Central Insurance Agency can choose to shut down a bank or withdraw verified status through an audit if it determines that the bank is insolvent, committing fraud, if the bank bookkeeping is no longer being kept to CIA standards, or if bank deposits are being embezzled.

An announcement will be made in #gov-announcements if the CIA pulls verified status from a bank.
 
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