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The Icelandic deposit guarantee scheme is based on the EU directive 94/19/EC of the European Parliament and of the Council . The Directive ensures that the main elements of the deposit guarantee schemes are harmonized across the European Union (EU) and EEA (EEA includes Iceland, Norway and Liechtenstein).

The Depositors’ and Investors’ Guarantee Fund is subject to the provisions of Act No. 98/1999 , which was passed by Parliament on December 27, 1999 with later amendments and entered into force on January 1, 2000. The Fund was established on December 28, 1999. Under the provisions of the Act, its articles of association are subject to the approval of the Minister of Commerce on receipt of the opinion of the Financial Supervisory Authority (FME).

On February 21, 2000, the Minister of Commerce issued Regulation No. 120/2000 on Deposit Guarantees and an Investor-Compensation Scheme. The regulation was amended by Regulation No. 864/2002.

All Icelandic commercial banks and savings banks are obliged to be members of the Fund. The same applies to branches of such parties within the EEA.