The members of the Deposit Insurance Scheme are deposit-taking financial institutions which are regulated by the Bank of Jamaica. Member institututions are also called Policyholders. These are Commercial Banks, Merchant Banks and Building Societies.
The Deposit Insurance Scheme covers the depositors of member institutions up to a maximum of J$600,000 per depositor, per insured institution. At this limit, approximately 97 percent of deposit accounts in member institutions are fully covered under the Scheme.
Deposit accounts in foreign currencies are also covered up to the J$600,000 limit. Payments on foreign currency accounts are in Jamaica dollars.
Deposit accounts covered by the Deposit Insurance Scheme include: Savings and Chequing Accounts; Certificates of Deposit (CDs); Time Deposits and Shares in a Building Society.
In the event of the failure of a member institution, the JDIC must pay depositors the balances in their accounts, up to the maximum limit of J$600,000.
Depositors are automatically covered under the Scheme and are not required to pay premiums or make any form of contribution to the Scheme in order to be covered.
Depositors are not required to make a claim on the JDIC as the Corporation will calculate payments based on the records of the failed member institution.
The JDIC manages a Deposit Insurance Fund (the Fund). The Fund is primarily made up of annual premiums collected from member institutions and investment income. It is from this Fund that depositors will be paid if there is a Policyholder failure.
Investment, securities and insurance companies and the products they offer are not covered under the Deposit Insurance Scheme. These institutions are licensed and regulated by the Financial Services Commission.