Regulatory Alerts1998-01-01
Deposit Insurance Regulations, 1998
The Minister of Jamaica issued these regulations to operationalize the Deposit Insurance Act by establishing the procedural framework for financial institutions to apply for and maintain deposit insurance coverage. The document mandates specific application forms, defines insurable deposits, and sets premium rates at 0.15 percent of total insurable deposits, while requiring audited financial statements and ongoing disclosure of corporate changes. It further outlines the conditions of the insurance policy, including the Corporation's authority to request additional information and the policyholder's obligation to comply with regulatory directives and reporting requirements.
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