The DIC transfers an amount equivalent to the total insured deposits of an institution to a financial institution under an agreement which will enable depositors of the failed institution to collect their entitlements from the financial institution.
Frequently Asked Questions
- How does a depositor establish an insurance claim?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
- How quickly will the Liquidator make payments on certificates?
Did You Know?
- Misconception: The Deposit Insurance Corporation (DIC) is empowered to close a member institution. - Fact: A member institution licensed under the Financial Institutions Act, 2008 can only be “closed by or with the approval of The Central Bank of Trinidad and Tobago as a result of financial difficulties.”
