Singapore legislation
Section 44
of Deposit Insurance and Policy Owners’ Protection Schemes Act 2011
Section 44
Re-computation of levies and additional levies
(1)
Where it appears to the Authority —
that the levy for any premium year or part thereof —
computed by the Authority under section 38(2) and notified to the Agency under section 39(1); or
in respect of which a PPF Scheme member has been required to pay under section 39(2) or has so paid; or
that the additional levy for any premium year or part thereof —
computed by the Authority and notified to the Agency under section 40(2)(a); or
in respect of which a PPF Scheme member has been required to pay under section 40(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 levy or additional levy which ought to have been computed, imposed or paid (as the case may be) under this Act.
(2)
Sections 39, 40 and 41 apply, with the necessary modifications, to any amount of levy or additional levy re‑computed under subsection (1) and the recovery of any shortfall in levy or additional levy upon a re-computation under that subsection as if the reference to levy or additional levy were a reference to the shortfall amount which is the difference between —
the amount of levy or additional levy as re-computed; and
the amount of levy or additional levy that was originally computed, imposed or paid (as the case may be) under this Act.