About DIC » Who We Are and What We Do
The Bahamas’ Deposit Insurance Corporation (DIC) is a public corporation, established under the Protection of Depositors Act, 1999, as amended by the Protection of Depositors (Amendment) Act, 2020 (the Act). The DIC insures eligible deposits you make with our member institutions in case of their failure.
Pursuant to section 4 of the Act, membership in the Deposit Insurance Fund (the Fund) is compulsory for every licensed bank and every registered co-operative credit union with Bahamian dollar deposits.
The DIC, which is financed by annual premiums levied on member institutions, has the power to:
- levy, on the advice of the Central Bank of The Bahamas (the Bank), authorized contributions and premia on member institutions.
- provide capital for a bridge institution and financing in the amount of insured deposits to an entity that acquires the business or all or part of the assets and liabilities of a member institution which has been placed under statutory administration by the Central Bank of The Bahamas;
- to accumulate, manage and invest the Fund in any type of instrument or investment;
- charge any fees necessary for the administration of the Act; and
- do all things necessary or incidental for the furtherance of the objects of the Corporation.
The DIC is one of the twenty-five (25) founding members of the International Association of the Deposit Insurers (IADI). It is committed to the implementation of international best practices and standards and, as provided for under section 3 of the Act, is the Manager of the Fund.