BVI enacts bank deposit insurance legislation

Depositors of financial institutions in the British Virgin Islands will be provided protection following the enactment of the Virgin Islands Deposit Insurance Act 2016 (VIDIC) Act

The BVI government acknowledged the need to offer some level of security to depositors and has enacted the VIDIC Act providing the necessary framework to achieve this. The VIDIC Act was passed on April 25 and gazetted on May 19.

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