The mandate of the Barbados Deposit Insurance Corporation, as stipulated by the Deposit Insurance Act 2006-29, is to:

• Provide deposit insurance and contribute to the stability of the financial system for the benefit of depositors while minimising its exposure to loss.
• Administer the Deposit Insurance Act.
• Manage the Deposit Insurance Fund and related functions.
• Provide deposit insurance against the loss of insured deposits, not exceeding the insured limit.
• Promote standards of sound business and financial practices that contribute to financial stability.
• Minimize the exposure of the Corporation to loss.
      
      

The main functions and powers of the Barbados Deposit Insurance Corporation per s. 6(1) of the DIA 2006-29 are to::

• Manage the Deposit Insurance Fund to provide deposit insurance against loss of insured deposits up to the insured limit.
• Levy contributions and premiums in relation to the fund.
• Charge any fees necessary for the administration of the DIA.
• Act as liquidator or manager of member institutions in accordance with the Act.
• Facilitate the reorganization or takeover of a member institution pursuant to the Financial Institutions Act, in the appropriate circumstances; and
• Carry out any other function which is necessary for the management of the Fund.