The Jamaica Deposit Insurance Corporation (JDIC) is Jamaica's deposit protection agency, founded under the Deposit Insurance Act of 1998 and vested with responsibility for managing the deposit insurance scheme the act established. It functions as a safety net protecting depositors if their bank or other insured financial institution fails or is unable to make payments on deposits, collecting insurance premiums from member financial institutions and using those funds to reimburse depositors when a covered institution fails, with the stated aim of promoting confidence in the financial sector and encouraging savings. As of its most recently published figures the corporation oversaw 11 member institutions, comprising 8 commercial banks, 2 building societies and 1 merchant bank, with maximum coverage of 1.2 million Jamaican dollars per depositor per institution across five account ownership categories.
Facts
Founding Year Founding Date Headquarters30 Grenada Crescent, Kingston 5, Jamaica 1 Classification
Institution Subtype Geography
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Sources
1. About JDIC, Jamaica Deposit Insurance Corporation
About JDIC, establishment
it became the latest plank in strengthening the sector's regulatory framework at its establishment on August 31, 1998.
About JDIC, contact address
30 Grenada Crescent, Kingston 5, Jamaica, W.I.
About JDIC
The Corporation’s primary objective is to establish and manage a Deposit Insurance Scheme to protect depositors from loss, up to a specified limit.
View the Source2. Jamaica Deposit Insurance Corporation (Wikipedia)
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