About DIC » Corporate Governance - How the DIC is operated, managed and organized
Scope of Responsibilities and Powers
The responsibilities of the DIC are clearly defined under the Act, i.e., to administer the DIC as well as to manage the Deposit Insurance Fund. Administration of the DIC includes the collection of premium contributions from member institutions, making payment of compensation to insured depositors and educating the public on the DIC.
Because of the limited scope of activities, the DIC currently has no direct employees. The Central Bank of The Bahamas is responsible for the daily operations of the DIC, and provides staff and administrative services to the DIC.
The DIC undergoes an annual audit of its affairs, and a copy of the external auditors’ report is provided to the Minister of Finance(the Minister) who then tables it in both Houses of Parliament.
Board of Directors
The DIC is governed by a Board of Directors, which is accountable to the Minister of Finance for its actions and decisions. The Board is comprised of the Chairman (the Governor of the Central Bank), a senior manager from the Bank Supervision Department of the Central Bank, one other senior manager of the Central Bank, the Financial Secretary, and not less than five and not more than seven other directors appointed by the Minister, each being a person who appears to the Minister to have wide experience, and to have shown capacity in, financial or commercial matters, industry, law or administration.
Members are appointed for a term of not less than three (3) years and are eligible for re-appointment.
Any allowances paid to directors have to be approved by the Minister.