Deposit insurance is payable only when an institution has been closed as a result of action taken by the Central Bank.
Frequently Asked Questions
- When is the Liquidator appointed?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- If two or more persons, for example a husband and wife, have, in addition to the individually owned accounts of each, a valid joint account in the same insured institution, is each account separately insured?
- When must a depositor file a claim?
Did You Know?
- Misconception: The Deposit Insurance Corporation (DIC) is empowered to close a member institution.- Fact: A member institution licensed under the Financial Institutions Act, 2008 can only be “closed by or with the approval of The Central Bank of Trinidad and Tobago as a result of financial difficulties.”