Regulatory Alerts2010-01-01
Depositors’ Compensation Scheme Regulations 2010
The Treasury of the Isle of Man issued these Regulations to establish the Depositors’ Compensation Scheme, creating a Fund managed by a Scheme Manager to compensate eligible depositors when licensed deposit takers default. The scheme is funded through levies on participants and Treasury contributions, with compensation capped at 100% of eligible protected deposits and subject to specific exclusions for insiders and other financial institutions. The Regulations define the procedures for determining default, calculating compensation sums, and managing the financial contributions and liabilities of the participating deposit-taking entities.
Share