Regulatory Alerts2012-11-20
Added · Updated
Law Decree No. (7) of 2013 concerning the Palestinian Deposit Insurance Corporation
Law Decree No. (7) of 2013 establishes the Palestinian Deposit Insurance Corporation (PDIC) as an independent legal entity headquartered in Jerusalem to protect depositors' rights and maintain banking sector stability. The PDIC is funded by a $20 million government contribution, a $100,000 non-refundable establishment fee per member, and annual membership fees ranging from 0.3% to 0.8% of covered deposits. The decree mandates that all licensed banks and Islamic banks in Palestine join the deposit insurance system, defines the scope of covered and excluded deposits, and sets a maximum compensation limit determined by the PDIC Board. It outlines the Board's composition, the General Manager's role, investment rules for the insurance funds, and the procedures for member liquidation and depositor compensation.
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