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 of one-twentieth of one percent of 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 members pay annual premium contributions to the Fund—one half payable on or before June 15, and the balance on or before December 15.