Insurance Events

24 November 2011 insurance event has occured to the bank SNORAS. A depositor shall become entitled to an insurance compensation from the day of an insurance event, i.e. within 20 working days. The council of the insurance undertaking may extend this time limit for up to 10 working days.

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8 July 1997 bankruptcy proceedings were instituted against "Tauras" bank.
The Fund promptly prepared "Regulations on Calculation and Payment of the Deposit Indemnities", which were approved by the Fund Council in a meeting of 26 September 1997. For the payment of insurance indemnities the Fund chose the most efficient way, also popular in a practice of foreign countries, whereby current accounts for the deposit holders of the failed bank are opened in another operating bank. The Fund Council in its meeting decided to choose the Savings Bank of Lithuania. A software was promptly devised, whereby the Fund processed the data on individuals' deposits supplied by "Tauras" bank, made the lists of depositors indicating insurance indemnities due to be paid, opened personal accounts of depositors at the Savings Bank of Lithuania were insurance indemnities were transferred.
3 October 1997 the Fund transferred 4 278 thousand LTL to 7 branches of the Savings Bank of Lithuania for the payment of insurance indemnities. Insurance indemnities were paid to 1645 depositors. A fee in the amount of LTL 17.000 was paid to the Savings Bank of Lithuania for entering the indemnities to the accounts of depositors.
For the payment of insurance indemnities the Fund used a portion of collected insurance premiums. For 1 October 1997 the Fund's accumulated insurance premiums amounted to 13.291 thousand LTL, in which the insurance premium of "Tauras" bank was 192 thousand LTL.

13 September 1999 activities of "Litimpeks" bank were suspended. The Fund, as prescribed by the Republic of Lithuania Law on the Insurance of Deposits of Individuals, Procedure for Calculation and Payment of Insurance Indemnities, approved by the Fund Council on 06 September 1999, by means of promptly devised software processed the data on the deposits of individuals supplied by the "Litimpeks" bank, prepared the lists of depositors and calculated insurance indemnities to which they were entitled. The total of 14.590 thousand LTL of insurance indemnities was calculated for 4.665 depositors.
The Fund chose the most efficient way to pay insurance indemnities, whereby current accounts for the depositors of the failed bank were opened in another stable operating bank. This way was verified in 1997, when insurance indemnities were being paid to the depositors of the failed "Tauras" bank. Accounts of demand deposits for the depositors of the "Litimpeks" bank were opened in Lithuanian Agriculture Bank, which was chosen from 5 banks, and funds of insurance indemnities were transferred to the above mentioned accounts. The payment of insurance indemnities commenced on 1 December 1999.
Insurance indemnities to the depositors of the "Litimpeks" bank made up 13.7% of all the insurance premiums collected before 1 December 1999. Meanwhile, insurance premiums paid by "Litimpeks" bank made up 7.2% of all the insurance indemnities paid to the depositors of this bank.

The bankruptcy action was brought against FMĮ „International Market Investments“ on May5, 2005. Insurance compensations to 16 investors were 194 673 LT. Insurance compensations to investors of FMĮ „International Market Investments“ were transferred to their accounts.