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Deposits Insurance

indeliu draudimas

Main information on the protection of deposits

Deposits held with JSC Medicinos bankas are insured

In the State Undertaking Insurance of Deposits and Investments

Insurance coverage limit

Up to 100,000 euros per depositor for all deposits held with one credit institution1

If you have more deposits held with the same credit institution

All of your deposits held with the same credit institution will be summed up and insurance coverage limit of 100,000 euros will apply to the total amount1

If you share an account with another person(s)

The limit of 100,000 euros applies to each individual depositor2

Period for the payment of deposit insurance premium, if the credit institution fails to fulfil its obligations

20 working days3

Currency for the payment of deposit insurance premium

Euro

Contact details

State Undertaking Insurance of Deposits and Investments, address: Algirdo 31, Vilnius, tel. +370 5 213 5657, fax +370 5 213 5546, e-mail address [email protected]

For more information, please visit

www.iidraudimas.lt

 

 

Notes:

1 If deposit has not been repaid due to the credit institution’s inability to fulfil its financial obligations, State Undertaking Insurance of Deposits and Investments will pay out deposit insurance premiums to depositors. The highest amount of insurance premium payable to one depositor for deposits held with one credit institution is 100,000 euros. When determining the amount of deposit insurance premium, all deposits held with the same credit institution will be summed up. For example, if depositor has a savings account with 90,000 euros in it, and current account with 20,000 euros in it, insurance premium of 100,000 euros will be paid out.

 

In certain cases (where money for the sale of a private dwelling owned by the depositor and/or money inherited by the depositor under a testament or under the law and/or money received by the depositor as a beneficiary under a life insurance agreement or an equivalent agreement in case of death and/or money received by the depositor as a beneficiary in case of death of another person, while carrying out their work responsibilities or professional duties, and/or premiums or compensations for damage caused by violent crimes has been transferred to the depositor’s account no more than 6 months before the date of the insured event) deposits are covered by the insured sum higher than 100,000 euros.

 

For more information, please visit our website at: www.iidraudimas.lt.

 

2 If you share one account with another person(s), insurance coverage limit of 100,000 euros will individually apply to each joint owner of the deposit.

 

3 Payment of insurance premiums.

 

Deposit insurance system is within the responsibility of the State Undertaking Insurance of Deposits and Investments (Algirdo 31, Vilnius, tel. +370 5 213 5657, fax +370 5 213 5546, e-mail address [email protected]), website: www.iidraudimas.lt. It will repay your deposits (up to 100,000 euros) no later than within:

– 20 working days before 31 December 2018;

– 15 working days from 1 January 2019 to 31 December 2020;

– 10 working days from 1 January 2021 to 31 December 2023;

– 7 working days after 1 January 2024.

 

If, before 31 December 2023, deposit insurance premiums are not paid out within 7 working days after the date of the insured event, after 16 May 2016, part of the deposit insurance premium in the amount of the minimum monthly wage, but not exceeding the amount of the insurable deposits of the depositor (advance deposit insurance premium), will be paid out at the depositor’s request within 5 working days from the receipt of the request.

 

In cases, where you did not receive the insurance premium within the above periods, you should contact the State Undertaking Insurance of Deposits and Investments. For more information, please visit website: www.iidraudimas.lt.

 

Other important information

Essentially all retail and corporate deposits are insured with the State Undertaking Insurance of Deposits and Investments.

 

Specific deposits are subject to exceptions indicated on the website of the State Undertake Insurance of Deposits and Investments at www.iidraudimas.lt. At your request, the credit institution will also inform you whether certain products are covered by insurance. If deposits are insured, the credit institution will also confirm this in the account statement.

 

The cases when the deposits are not insured and when deposit insurance payout limitations are applied

 

Deposit insurance does not cover:

1) deposits of other credit institutions held at one’s own expense and on one’s own behalf;

2) own funds of the credit institution;

3) deposits, which are an object of a conviction in a criminal case regarding money laundering;

4) deposits of financial institutions;

5) deposits of management companies;

6) deposits of financial brokerage firms;

7) deposits, where the owners have not been identified (deposits held in anonymous and coded accounts);

8) deposits of insurance companies and reinsurance undertakings operating under the Law on Insurance of the Republic of Lithuania;

9) deposits of collective investment undertakings;

10) pension funds’ deposits;

11) deposits of state and municipal institutions and agencies as defined in the Law on Public Service of the Republic of Lithuania, except funds owned by other persons held in deposit accounts of such institutions and agencies;

12) deposits of the Bank of Lithuania;

13) securities and liabilities of a participant of the deposit insurance system, linked to such participant’s acceptances and promissory notes;

14) electronic money and funds received by an electronic money institutions from electronic money holders in exchange for electronic money.

 

Limitations of payment of deposit insurance premiums

1. Deposit insurance premiums will not be paid out:

1) for deposits, funds, money, securities and liabilities, which are not objects of deposit insurance (as defined above);

2) to depositors for deposits held in accounts that have not been used to perform any deposit-related operations over the last 24 months and the amount of the deposit is lower than 10 euros.

2. Payment of deposit insurance premiums will be suspended, if the depositor or other person who has the right of claim to the deposit insurance premium is facing a criminal charge for money laundering until entry into force of a binding court judgement.


Postponement of deadline for the payment of deposit insurance premium

In cases provided for in the Law on Insurance of Deposits and Liabilities to Investors of the Republic of Lithuania (for more information, please visit www.iidraudimas.lt), payment of deposit insurance premium may be postponed, for example, where data, on which the right to deposit insurance premium is based, are not sufficient, or deposit is an object of litigation, or the depositor’s right to dispose of the deposit has been limited.

 

Detailed information on the deposit insurance conditions and the cases when the deposits are not insured and when deposit insurance benefit payout limitations are applied is given on website of State Company  Deposit and Investment Insurance www.iidraudimas.lt.

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