Yes. When acting as Liquidator of a closed institution, the DIC is acting on behalf of all creditors of that institution and its obligation is to collect on all loans promptly and efficiently along with other assets of the institution.
Frequently Asked Questions
- When is deposit insurance payable?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- What procedure does the DIC follow after an institution has been closed?
- Who should file a claim if more than one person is authorised to draw on an account?
Did You Know?
- Misconception: Placing funds in different types of deposits such as CDs, Chequing, Savings with the same member institution would increase insurance coverage. - Fact: Deposits held by the same person in the same member institution in the form of CD’s, Chequing and Savings accounts are added together and insured up to a maximum of TT$200,000.