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The Public Deposit Insurance Fund (PDIF) was created in 1937 to insure the deposits of all public monies in Indiana banks, much the same way as the FDIC insures individual depositor's accounts.
PDIF funds are managed and invested by Treasurer of State Richard Mourdock as the secretary and investment manager of the Indiana Board of Depositories. Treasurer Mourdock staffs, administers, manages and directs the affairs and activities of the Board in accordance with the policies set out by the board.
The PDIF is funded by assessments payable by every depository that has public funds. The Board may waive this assessment if in its discretion it determines that assets of the fund are equal to the reserve for losses. At the present time, the assessment has been waived as a result of the Board's finding that an appropriate loss reserve level has been achieved.