Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 · 2020 Revised Edition · Part 4 · Premium Contributions for di Scheme
13. Determination of premium rates and premium contributions
Feedback & supportThe Authority must assess and determine the premium rates for the purposes of computing the premium contributions payable by DI Scheme members.
The Authority must, on the basis of the premium rates determined under subsection (1) and the insured deposit base of a DI Scheme member, compute the amount of premium contribution payable by the DI Scheme member for any premium year or part thereof.
For the purposes of assessing and determining the premium rates and computing the amounts of premium contributions payable, the Authority may, in consultation with the Agency, make regulations for or in respect of all or any of the following matters:
Agency
“Agency” means the company designated by the Minister under section 56 to be the deposit insurance and policy owners’ protection fund agency;
the establishment of a system of classifying DI Scheme members into different categories;
the criteria and procedure for determining the category in which a DI Scheme member is to be classified;
the prescribing of the premium rate applicable to each category of DI Scheme members;
the manner in which the premium rate for each category of DI Scheme members is to be determined;
the prescribing of a minimum premium contribution payable by DI Scheme members;
the manner in which the amount of premium contribution for each category of DI 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 DI Scheme member, or is no longer exempted from the requirement to be a DI Scheme member, at any time during a premium year;
the size of the DI Fund;
such other matters as the Authority considers necessary.
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 DI Scheme members.
DI Scheme
“DI Scheme” means the Deposit Insurance Scheme reconstituted under section 4;
If the Authority wishes to amend or vary any regulations made under subsection (3), such regulations must not be amended or varied without consulting the Agency.