Kingston, Jamaica: Thursday, August 20, 2020
The maximum payout to depositors, in prescribed circumstances pursuant to Section 18 (1) of the Deposit Insurance Act (DIA) was increased from J$600,000.00 to J$1,200,000.00. The increase which is effected through a Ministerial Order has been approved by both Houses of Parliament. The increase will take effect August 31, 2020, after publication in the Gazette. At this threshold, approximately 97 per cent of all accounts at deposit taking institutions are covered under the Deposit Insurance Scheme (DIS).