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An overview of the Security Interests in Personal Property Act which was passed on December 30, 2013 by Ms Antoinette Mckain, CEO, Jamaica Deposit Insurance Corporation at Hotel Riu , Montego Bay 30 May 2014.

Did You Know?

With the establishment of the JDIC and the passing of the Deposit Insurance Act 1998, all depositors of a bank or other insured deposit-taking financial institution that fails will get back up to a maximum of $600,000.

In the past when a bank failed there was no guarantee as to how much the depositors of the failed institution would be refunded.

In light of the number of bank failures of the mid-nineties, the Government recognized the need for a formal system of deposit insurance.

The Jamaica Deposit Insurance Corporation (JDIC) is an independent statutory organization set up by the Government to protect depositors.

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