Established in 1998, the Jamaica Deposit Insurance Corporation (JDIC / the Corporation) was created by the Government of Jamaica to protect depositors and promote stability and confidence in Jamaica's financial system. JDIC's primary objective is to establish and manage a Deposit Insurance Scheme (the Scheme) to protect depositors from loss, up to a specified limit.
Under the Scheme, the JDIC manages the Deposit Insurance Fund (the Fund) which is made up of annual premiums paid by member institutions (Commercial Banks, Merchant Banks and Building Societies) and which is invested in low risk and liquid instruments like Government securities. The Fund is used to payout depositors if a member institution fails and is unable to repay its deposits. The Fund may also be used for other resolution strategies. Depositors are automatically covered under the Scheme and are not required pay any premiums.
As a statutory body, the Corporation reports to Parliament through the Minister of Finance and the Public Service.
Protecting Deposits For You and Me
