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(1) The Corporation shall commence the process of payment of compensation of insured deposits on the date of first publication of the modalities for the payment of the compensation in at least two daily newspapers of national circulation and on television and radio but not before the sixth day of the occurrence of an insured event.

(2) The process for payment of compensation shall last for thirty days after the date of announcement of modalities for commencement of payment.

(3) The Corporation may pay an insured deposit in a single payment or in a series of payments over a period of thirty days.

(4) The receiver or liquidator of a bank or specialised deposit-taking institution that is under liquidation shall, within five days after the occurrence of the insured event, submit to the Corporation a soft copy and hard copy of data and other documents necessary for the calculation and pay out of insured deposits under this Act.

(5) The Corporation shall verify and determine the amount of an insured deposit primarily on the basis of the data and other documents submitted in subsection (4). -

(6) The Corporation may use other means for paying compensation to insured depositors including employing the services of a pay-out agent, bank or specialised deposit-taking institution.

(7) Where an insured deposit is the subject of a charge to a third party, the Corporation shall pay out compensation due in respect of that account to the secured party in accordance with the Borrowers and Lenders Act, 2008 (Act 773) or under the orders of a court of competent jurisdiction.

(8) The Corporation shall, after an insured depositor has been paid, subrogate the claim to the position of the insured depositor in accordance with relevant laws on banks and specialised deposit-taking institutions.