The DIC transfers an amount equivalent to the total insured deposits of an institution to a financial institution under an agreement which will enable depositors of the failed institution to collect their entitlements from the financial institution.
Frequently Asked Questions
- How does a depositor establish an insurance claim?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- Are any other cash liabilities of financial institutions covered?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
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$125,000.