Insurance compensation payment procedure
After an insured event occurs, the Fund publishes an announcement in the media regarding the date, time, form, and procedure for making insurance compensation.
The announcement is also posted at the entrance to the building of the Fund, the agent bank, and the liquidated credit institution, and on the official website of the Fund. The maximum amount of insurance compensation determined by the current legislation is no more than 35,000 somoni. At the same time, according to the procedure established by law, if one depositor has two or more savings accounts in a bank, these accounts are considered as one account, and compensation for them is paid in an amount not exceeding the amount of insurance compensation established by law.
The remaining amount of savings is paid during the liquidation process by a special administrator (liquidator) of the credit institution in accordance with the procedure established by law. The Fund begins to pay compensation for insured deposits and savings within a period of no later than 14 calendar days from the date of the insured event.
Payments of insurance compensation to depositors are made through agent banks upon the depositor’s application, both in cash and by bank transfer to an account in a credit institution specified by the depositor. Insurance compensation is paid in the national currency – somoni. Deposits and savings in foreign currency are reimbursed in the national currency at the official exchange rate of the National Bank of Tajikistan on the day of the insured event.
The procedure for receiving insurance compensation is as simple as possible.
To receive insurance compensation, the depositor (applicant) or his representative must contact the agent bank and present the following documents:
- Application for payment of insurance compensation in the prescribed form.
A copy of the application can be obtained and filled out at the agent bank (usually the agent bank provides the completed electronic application form to the depositor for signature);
- Identity document of the depositor;
- Taxpayer identification number;
- Bank deposit agreement;
- Power of attorney, if the depositor’s legal representative is acting on behalf of the depositor.
In case of a change of surname, first name or patronymic, the applicant must provide the agent bank with a certificate of change of surname, first name or patronymic, or a marriage certificate issued by an authorized body.
Depositors who are unable to appear in person at the agent bank may instruct their representative to submit an application on their behalf based on a power of attorney issued by a notary.
At the agent bank, the depositor’s representative must have a power of attorney and an identity document.
When a depositor applies to an agent bank, provided that he provides all the necessary documents and there is information about him in the register of depositors for payment of insurance compensation, and also in the absence of disputed cases, the agent bank will usually pay compensation in cash on the day of the request or transfer it in a non-cash form to the account specified by the depositor (taking into account all procedures and checks).
If the documents submitted to the agent bank by the depositor are incomplete or do not contain information necessary to identify the depositor, the agent bank will request additional documents from the depositor confirming the depositor’s claims for payment of insurance compensation.
At the same time, if the data of the depositor who applied to the agent bank is not in the register of depositors for payment of insurance compensation, the depositor must apply to the liquidated credit institution or to the Fund to find out the reasons for not including information about him in the register.
The Fund accepts applications and pays insurance compensation to depositors within one year from the date of the occurrence of the insured event.
Therefore, depositors may not rush to receive insurance compensation and may apply to the agent bank at any convenient time during the year.
Application forms (available in Tajik):
