The Corporation's main objective, the provision of insurance against the loss of depositors' funds, is achieved through sound management of the Deposit Insurance Fund. Operating within the legal framework set out in its governing statute, the Deposit Insurance Act (DIA), as well as the Public Bodies Management and Accountability Act (PBMA), and the Financial Administration and Audit Act (FAAA), the Corporation is ultimately accountable to Parliament through the Minister of Finance and Planning. The Corporation also complies with the Access to Information Act and its officers are subject to the Corruption Prevention Act.
Central to the Corporation and the Deposit Insurance Scheme is the Deposit Insurance Fund (the Fund). The Fund is made up of Policyholders’ premiums and is the pool from which payments will be made to depositors of failed institutions. Premiums are calculated on Policyholders’ total insurable deposits and levied on a flat rate basis. The Corporation’s modus operandi is one which ensures it the least possible exposure to loss.
The JDIC’s main functions are to:
- Provide insurance against the loss of deposits
- Manage the Deposit Insurance Fund, including investments in low risk and liquid instruments like Government securities.
- Issue Policies of Deposit Insurance and levy premiums.
JDIC works in close collaboration with the Bank of Jamaica (BOJ), the regulatory and supervisory agency for deposit-taking financial institutions. It receives copies of the Bank’s on-site examination reports as well as all other information relating to the safety and financial soundness of insured institutions (Policyholders). Importantly, the Corporation does not duplicate BOJ’s supervisory functions.
The Access to Information Act, 2002
Effective July 1, 2005 all Public Bodies are required to comply with the provisions of The Access to Information Act, 2002 ( ATI).
The ATI gives to the general public a right of access to all official documents of Public Bodies. However, under this Act certain documents are expressly exempted from public disclosure.
To request access to official documents of the Jamaica Deposit Insurance Corporation (JDIC) you may click the link below to print a copy of the application form or you may write, call, fax or email:
Mrs. Marjorie McGrath
Jamaica Deposit Insurance Corporation
30 Grenada Crescent
Tel: (876) 926-5225, 968-8382, ext. 2520
Toll Free Local: 1-888-991-5342
United Kingdom: 01-800-917-6601
USA & Canada: 1-877-801-6793