The Jamaica Deposit Insurance Corporation (JDIC) was created by the Government of Jamaica to protect depositors and promote stability and confidence in Jamaica’s financial system.
Emerging at an important juncture in the development of the country’s financial system, it became the latest plank in strengthening the sector’s regulatory framework at its establishment on August 31, 1998.
As a statutory body, the Corporation reports to Parliament through the Minister of Finance, Planning and the Public Service and shall furnish to the Minister such operating plans and forecast, returns, accounts and other information as the Minister may require with respect to the operations of the Corporation.
The Corporation’s primary objective is to establish and manage a Deposit Insurance Scheme to protect depositors from loss, up to a specified limit. Its main goals are to:
- Provide the highest level of coverage possible to small depositors.
- Restore and maintain confidence in deposit-taking institutions and by extension contribute to the stability and confidence in the nation’s financial sector.
- Provide a clearly defined system for dealing with problems which may arise in insured financial institutions.
through the preceding objectives, to contain contagious runs on financial institutions in the event of a failure of a Policyholder(s).