Singapore legislation
Clause 22
Clause 22
Determination of premium rates and premium contributions
(1)
The Authority shall assess and determine the premium rates for the purposes of computing the premium contributions payable by Scheme members.
(2)
The Authority shall, on the basis of the premium rates determined under subsection (1) and the insured deposit base of a Scheme member, compute the amount of premium contribution payable by the Scheme member for any premium year or part thereof.
(3)
For the purposes of assessing and determining the premium rates and computing the amounts of premium contributions payable, the Authority may make regulations for or in respect of all or any of the following matters:
the establishment of a system of classifying Scheme members into different categories;
the criteria and procedure for determining the category in which a Scheme member is to be classified;
the prescribing of the premium rate applicable to each category of Scheme members;
the manner in which the premium rate for each category of Scheme members is to be determined; (e)the prescribing of a minimum premium contribution payable by Scheme members;
the manner in which the amount of premium contribution for each category of Scheme members is to be determined;
the computation of premium contribution on a pro rata basis where a full bank or finance company becomes a Scheme member, or is no longer exempted from the requirement to be a Scheme member, at any time during a premium year;
the size of the Fund;
such other matters as the Authority considers necessary.
(4)
Regulations made pursuant to or dealing with the matters referred to in subsection (3)(c) or (d) may provide for different premium rates for different categories of Scheme members.
(5)
If the Authority wishes to amend or vary any regulations made under subsection (3), the Authority shall first conduct a joint review with the Agency and such regulations shall not be amended or varied without the concurrence of the Agency.