The Bermuda Deposit Insurance Corporation (BDIC) is a government-established organization responsible for providing deposit insurance to financial institutions in Bermuda. The deposit guarantee scheme (DGS) aims to protect depositors’ funds in the event of a bank failure, ensuring financial stability and maintaining public confidence in the country’s banking system. Deposit insurance is essential because it protects depositors from potential losses, preventing bank runs and contributing to the overall financial stability in Bermuda.
The BDIC operates under the supervision of the Bermuda Monetary Authority (BMA), which is the primary financial regulatory body in Bermuda. The organizational structure of the BDIC consists of a board of directors, which includes representatives from the BMA, financial institutions, and other stakeholders, working together to manage the deposit insurance fund and oversee its operations. The board of directors is responsible for setting the premiums, determining the coverage limits, and managing the insurance payouts to depositors.
To contact the DGS administration in Bermuda, you can reach out to the Bermuda Deposit Insurance Corporation via the following information:
Bermuda Deposit Insurance Corporation
P.O. Box HM 2748
Hamilton, Bermuda HM LX
Email: [email protected]
Website: www.bdic.bm