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 (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, which came into effect from 10th November 1999, membership in the Deposit Insurance Fund (the Fund) is compulsory for every licensed bank 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.
- arrange for restructuring of a failed member, whether by merger with a financially sound member or otherwise; and
- accumulate, manage and invest surplus funds of the DIC.
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.