About DIC » Deposit Insurance Fund
A Deposit Insurance Fund (the Fund) has been established from premium contributions of DIC member institutions to cover potential claims, in the event that a member fails. Beyond this accumulated pool, there is provision in the Act for the Minister of Finance (the Minister) to levy special contributions on members, should funding requirements exceed these amounts.
The Fund is invested in safe and liquid assets, such as securities issued by the Bahamas Government.
The premiums are levied on member institutions at a rate determined by the DIC. The rate is applied to the average sum of deposits insured by the DIC and deposited with member institutions as of March 31 and September 30 in the previous year. DIC member institutions pay annual premium contributions to the Fund—one half payable on or before March 31, and the balance on or before September 30.