The DIC is obliged by law to insure depositors in all institutions licensed to operate under the Financial Institutions Act, 2008 (See member institutions)
Frequently Asked Questions
- In the event of a deposit transfer, how will a depositor know when and where he can withdraw his funds?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- What happens to those depositors whose accounts are subject to further examination?
Did You Know?
- Misconception: All financial institutions that take deposits are covered under the Deposit Insurance Fund - Fact: ONLY member institutions that are licensed under the Financial Institutions Act, 2008 are covered under the Deposit Insurance Fund. This legislation provides for the regulation of commercial banks and other institutions engaged in the business of banking and business of a financial nature.
