Deposit Insurance Claims

In accordance with the DIC supporting legislation, claims must be filed with the DIC in all cases requesting the payment of deposit insurance benefits. The following outlines the procedures of making, filing and payment of deposit insurance claims:-

Making and Filing Claims

Each depositor is required to complete a DIC Claim Form in which he/she is requested to provide all the particulars relating to his/her deposit, payments made to date on the deposit, any pledges or assignments of the deposit and any loans outstanding in the particular institution in the name of the depositor(s). Identification details of claimants such as Drivers’ License, Identification Card Numbers, Passport Numbers and Board of Inland Revenue File Numbers are required.

The DIC, upon receipt of claim forms, will conduct the appropriate checks to ensure legitimacy of claims after which a Confirmation of Claim Form will be issued by the Corporation.

Proof of Claim Form and Liquidator’s Certificate

A Proof Claim Form and, where necessary, a Liquidator’s Certificate, are prepared by the DIC and accompany each payment of insured benefits whether such payments are made by a Transferee Bank or directly by the DIC.

Deposit Transfer

In most cases, and wherever practicable, payouts will be made by way of the transfer of deposits to commercial banks. Under this procedure the commercial banks pay designated deposits on the DIC’s behalf.

Final Notice to Depositors

Insured depositors have twelve (12) months after the date of closure of an institution within which to submit claims for their insured deposit from the DIC. The DIC may give notice prior to the expiration of insurance coverage to all depositors who have not claimed their insured deposit that such claims may still be made.

If any depositor in the closed institution shall fail to claim his insured deposit from the DIC within twelve months after the institution is closed by the Courts, or shall fail within such period to claim or arrange to continue the transferred deposit with the transferee or paying agent bank, such depositor will then have to make his claim on the estate of the closed institution, such claims shall then be paid pro rata as the assets of the institution are collected and sold. The depositor will have no claim to deposit insurance.

Payment of Claims

Payment of insured deposits will commence within three (3) months from the date of closure.