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
- If a depositor has more than $200,000 (the current insured limit) in a closed institution and is paid $200,000 by the DIC, what happens to the amount in excess of $200,000?
- Does the borrower’s obligations to the institution continue after the institution is closed?
- What happens to those depositors whose accounts are subject to further examination?
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
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.
