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
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.
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.