Singapore legislation
Section 24
Section 24
Additional premium contributions where Fund insufficient to pay compensation
(1)
Where the Fund is insufficient to pay any compensation due to insured depositors under this Act, the Authority may, with the concurrence of the Agency, determine —
that Scheme members shall be required to pay additional premium contributions for any premium year or part thereof; and
the premium rate or rates for the purposes of computing the additional premium contributions.
(2)
Where a determination is made under subsection (1) —
the Authority shall, as soon as practicable —
publish a notice in the Gazette of the requirement to pay additional premium contributions and the premium rate or rates for the purposes of computing the additional premium contributions referred to in subsection (1); and
compute the additional premium contributions payable by Scheme members for that premium year or part thereof and notify the Agency accordingly; and
the Agency shall, upon receipt of the notification referred to in paragraph (a)(ii), give notice in writing to every Scheme member of the additional premium contribution that the Scheme member is required to pay for that premium year or part thereof and the date by which the additional premium contribution shall be paid.
(3)
Any Scheme member shall not, without the prior approval of the Minister, be required to pay additional premium contribution for any premium year exceeding 0.3% of the insured deposit base of that Scheme member.
(4)
For the purposes of subsection (3), the insured deposit base of a Scheme member shall be determined on the date prescribed by the Authority for computing the amounts of premium contribution payable by Scheme members.