Section 57

to administer the DI Scheme and PPF Scheme in accordance with this Act;

to administer and manage the DI Fund, PPF Life Fund and PPF General Fund in accordance with this Act;

to administer and manage the insurance business of a failed PPF Scheme member; and

to take such steps as may be directed by the Minister or after consultation with the Authority, to contribute to the stability of the financial system.

collect premium contributions and levies payable by DI Scheme members and PPF Scheme members under this Act;

make payments of compensation in respect of insured deposits to insured depositors out of the DI Fund after the Agency has determined the eligibility and entitlement of the depositors;

make payments of compensation out of the PPF Life Fund and the PPF General Fund in respect of protected liabilities to any covered party after the Agency has determined the covered party’s eligibility and entitlement;

make interim payments of compensation out of the DI Fund to insured depositors of such amounts as the Agency considers appropriate;

make payments to a trustee of a resolution fund established for a resolution measure undertaken for a DI Scheme member;

make interim payments of compensation, of such amounts as the Agency considers appropriate, out of the PPF Life Fund and the PPF General Fund to any covered party;

where the transfer of the whole or part of the insurance business from a failed PPF Scheme member, or from a company set up to hold the insured policies of the failed PPF Scheme member, to another PPF Scheme member is reasonably practicable, make payment out of the PPF Life Fund or the PPF General Fund to fund such transfer;

make payment out of the PPF Life Fund or the PPF General Fund to —

fund the run-off of the insurance business of the failed PPF Scheme member;

set up a company to hold the insured policies of the failed PPF Scheme member; and

outsource the administration of the insured policies of the failed PPF Scheme member to a third party;

carry on the run-off of the insurance business of the failed PPF Scheme member and to set up a company to hold the insured policies of the failed PPF Scheme member;

carry out the termination of insured policies issued by a failed PPF Scheme member and make payment out of the PPF Life Fund or the PPF General Fund to fund such termination;

claim from the failed DI Scheme member for reimbursement of the amount of compensation paid to the insured depositors out of the DI Fund, together with any interest accrued thereon;

claim from the failed PPF Scheme member for reimbursement of the amount of compensation paid to covered parties out of the PPF Life Fund or the PPF General Fund, together with any accrued interest;

claim payment from the liquidator or provisional liquidator of a failed DI Scheme member, out of the assets of the failed DI Scheme member, for reimbursement of the amount of compensation paid to the insured depositors out of the DI Fund, together with any interest accrued thereon;

claim payment from the liquidator or provisional liquidator of a failed PPF Scheme member, out of the assets of the failed PPF Scheme member, for reimbursement of the amount of compensation paid to covered parties out of the PPF Life Fund or the PPF General Fund, together with any accrued interest;

educate the public on the DI Scheme and the PPF Scheme;

submit to the liquidator of a failed DI Scheme member a consolidated proof of debt on behalf of insured depositors of a failed DI Scheme member in relation to each of their insured deposits placed with the failed DI Scheme member that exceeds the Maximum DI Coverage.

for the purpose of making payments of compensation to insured depositors in respect of their insured deposits under the DI Scheme, raise loans by means of a charge over the assets of the DI Fund; and

for the purpose of making payments out of the PPF Life Fund or the PPF General Fund, raise loans by means of a charge over the assets of the PPF Life Fund or the PPF General Fund.