A depositor must file a claim for insurance on the official claim form within 12 months from the date of closure of the financial institution. Official claim forms are available from the DIC. It is advisable that claims be filed as soon as possible after the announcement of closure. Claims not filed within the 12 month period are not eligible for deposit insurance. If the 12 month period has passed, a creditor’s claim by affidavit must then be filed with the Court-appointed Liquidator which may be the DIC. Liquidation claims are required to be filed for all classes of creditors: preferential, secured or unsecured.
Frequently Asked Questions
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
- How does a depositor establish an insurance claim?
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
Did You Know?
- Misconception: Establishing more than one joint account in the same institution with the same names increases insurance coverage. - Fact: All joint accounts with the same names, notwithstanding alterations to the sequence of names, are added together and insured up to a maximum of TT$200,000.
