The DIC is statutorily obligated to commence payment to depositors within three months of closure of an institution.
Frequently Asked Questions
- Can a depositor leave his/her deposit with the transferee institution?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
- What procedure does the DIC follow after an institution has been closed?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
Did You Know?
- Misconception: Beneficiaries under all trust account arrangements are insured separately. - Fact: The interests held by beneficiaries established under an irrevocable express trust account are insured separately up to the maximum TT$200,000 prescribed limit. Additionally, interests in accounts held by the Settlor, Trustee or Administrator of an irrevocable trust account are insured separately from the interests of the beneficiaries named under …
