::Objectives::

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 sector.

Emerging at an important juncture in the development of the country’s financial system, it became the latest plank in the strengthening of the sector’s regulatory framework at its birth on August 31, 1998. An independent statutory body, the Corporation is governed by a seven member Board of Directors drawn from both the public and private sectors. These include three ex-officio directors: the Governor of the Bank of Jamaica, the Financial Secretary and the Chief Executive Officer of the JDIC. Four others, including the Chairman, are appointed by the Minister of Finance.

The Corporation’s primary goal is to institute and manage a Deposit Insurance Scheme to protect depositors from loss, up to a specified limit. Its main objectives are:

12 facts about the JDIC, click here
  • To provide the highest level of coverage possible to small depositors.
  • To provide a clearly defined system for dealing with problems which may arise in insured financial institutions.
  • To restore and maintain confidence in deposit-taking institutions and by extension contribute to the stability and confidence in the nation’s financial sector.
  • Through the preceding objectives, to contain contagious runs on financial institutions in the event of a failure.

Objectives    JDIC Operations     The Board     Mission