The trigger for Insurance Case is an Official Statement of the NBG regarding the liquidation of the commercial bank.
Statement is announced on the official web-pages of the NBG and DIA.
In 5 days after insurance case is announced, DIA presents detailed instruction on the payout process.
Official announcement will include full details on the payout process - date of beginning of the reimbursement, the list of branches of Agent Bank, the list of necessary documentation to be presented by depositors, etc.
The reimbursement is conducted by the selected Commercial Bank (Agent Bank).
After the insurance case is announced, the Agency will select the Agent Bank, among the preselected commercial banks, which will reimburse the depositors on behalf of DIA..
The reimbursement will began no later than in 20 days after Insurance Case occurrence..
20 days are legally prescribed deadline for beginning of the reimbursement. Exact date will be announced in the official statement.
Coverage limit is 15 000 GEL.
If depositor has several accounts (in national or foreign currencies), they are summed up and reimbursed within the coverage limit.
Depositor has a right to be reimbursed by cash or by transfer.
The Agent bank may offer to the depositor to open a new account.
Depositor will retain the right to claim compensation from the Agency for 3 years following occurrence of the insurance case.
After expiry of this term, the amount due to depositor will be directed to the National Bank of Georgia for compensating depositor in accordance with the Georgian legislation.