Singapore legislation
Section 19
of Deposit Insurance and Policy Owners’ Protection Schemes Act 2011
Section 19
Re-computation of premium contributions and additional premium contributions
(1)
Where it appears to the Authority —
that the premium contribution for any premium year or part thereof —
computed by the Authority under section 13(2) and notified to the Agency under section 14(1); or
in respect of which a DI Scheme member has been required to pay under section 14(2) or has so paid; or
that the additional premium contribution for any premium year or part thereof —
computed by the Authority and notified to the Agency under section 15(2)(a); or
in respect of which a DI Scheme member has been required to pay under section 15(2)(b) or has so paid,is of an amount less than that which ought to have been computed, imposed or paid (called in this section the shortfall), the Authority may at any time during a period of 6 years after the premium year during which there is a shortfall, re‑compute such amount of premium contribution or additional premium contribution which ought to have been computed, imposed or paid (as the case may be) under this Act.
(2)
Sections 14, 15 and 16 apply, with the necessary modifications, to any amount of premium contribution or additional premium contribution re-computed under subsection (1) and the recovery of any shortfall in premium contribution or additional premium contribution upon a re-computation under that subsection as if the reference to premium contribution or additional premium contribution were a reference to the shortfall amount which is the difference between —
the amount of premium contribution or additional premium contribution as re-computed; and
the amount of premium contribution or additional premium contribution that was originally computed, imposed or paid (as the case may be) under this Act.