Singapore legislation
Section 16
of Deposit Insurance and Policy Owners’ Protection Schemes Act 2011
Section 16
Payment of premium contributions and late payment fees
(1)
Where any DI Scheme member is given written notice to pay any premium contribution under section 14(2) or any additional premium contribution under section 15(2) for any premium year or part thereof, the DI Scheme member must pay to the Agency on or before the date of payment specified in the notice, the amount of premium contribution or additional premium contribution (as the case may be) that the DI Scheme member is required to pay for that premium year or part thereof.
(2)
Subject to subsection (3), if a DI Scheme member fails to pay the premium contribution or additional premium contribution or any part thereof on or before the date of payment specified in the notice in contravention of subsection (1) —
the Agency may, by written notice, impose on the DI Scheme member such late payment fee as the Agency may by Rules determine; and
the DI Scheme member must pay to the Agency such late payment fee together with the unpaid premium contribution or additional premium contribution (as the case may be) on or before the date of payment specified in the notice under paragraph (a).
(3)
The late payment fee referred to in subsection (2) must not exceed the amount of premium contribution or additional premium contribution (as the case may be) owing by the DI Scheme member.
(4)
The amount of premium contribution or additional premium contribution owing by the DI Scheme member and the late payment fee must be paid in such manner as may be specified in the Rules.
(5)
Without affecting any other remedy, any premium contribution, additional premium contribution or late payment fee payable under this Act is recoverable as a debt due to the Agency by the DI Scheme member.
(6)
Where the Agency has commenced any legal proceedings in a court in Singapore to recover any premium contribution, additional premium contribution or late payment fee from a DI Scheme member, the Agency is entitled to claim costs on a full indemnity basis from that DI Scheme member.