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Deposit Insurance Act, 1998
The Parliament of Jamaica enacted this legislation to establish the Jamaica Deposit Insurance Corporation and create a Deposit Insurance Fund for protecting depositors. The Act defines the Corporation's powers to insure deposits, levy premiums, and act as receiver or liquidator for insolvent financial institutions. It further mandates specific payment limits from the Fund, such as the $600,000 cap, and outlines procedures for policy cancellation and appeals.
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