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The
Deposit Insurance Scheme covers only those institutions
regulated and supervised by the Bank of Jamaica.
Membership is compulsory. Not all instruments offered are
covered. Major categories of uninsured funds are
commercial paper and brokered or managed funds. The
Scheme’s main features are:
- Basic
coverage is $600,000 per depositor, per ownership
category in each institution, a limit which covers
over 90% of depositors in insured institutions. The
most common categories of ownership are Individual,
Joint, Business and Trust Accounts. Deposits
maintained in different categories of legal ownership
are separately insured.
- Policies
of deposit Insurance may be cancelled if JDIC and BOJ
determine that a policyholder is, or is about to
become insolvent; its license has been revoked or it
has ceased to accept deposits.
- The
Corporation is committed to making payments as soon as
possible after the failure of a policyholder, but is
expected to commence payout within three months. If
payments are not commenced by that date, the
Corporation shall be liable to pay interest on the
insured sum.
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