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
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
Did You Know?
- Misconception: Depositors of a failed member institution have an unlimited time within which to make a claim on the Fund. - Fact: Depositors are granted a 12 month window in which to make a claim after which they can claim against the estate of the failed member. After the passage of 12 months, claims can only be made against the estate of the failed member institution payment for which would depend …
