Singapore legislation
Section 15
of Deposit Insurance and Policy Owners’ Protection Schemes Act 2011
Section 15
Additional premium contributions where DI Fund insufficient to pay compensation
(1)
Where, in the opinion of the Authority, there are insufficient moneys in the DI Fund to pay any compensation due to insured depositors under this Act, the Authority may, with the concurrence of the Agency, determine —
that DI Scheme members be required to pay additional premium contributions for any premium year or part thereof; and
the premium rate or rates for the purposes of computing the additional premium contributions.
(2)
Where a determination is made under subsection (1) —
the Authority must, as soon as practicable —
publish a notice in the Gazette of the requirement to pay additional premium contributions and the premium rate or rates for the purposes of computing the additional premium contributions referred to in subsection (1); and
compute the additional premium contributions payable by DI Scheme members for that premium year or part thereof and notify the Agency accordingly; and
the Agency must, upon receipt of the notification referred to in paragraph (a)(ii), give written notice to every DI Scheme member of the additional premium contribution that that DI Scheme member is required to pay for that premium year or part thereof and the date by which the additional premium contribution must be paid.
(3)
Despite subsections (1) and (2), no DI Scheme member may, without the prior approval of the Minister, be required to pay additional premium contribution for any premium year exceeding such percentage of the insured deposit base of that DI Scheme member as the Minister may by order in the Gazette prescribe.
(4)
For the purposes of subsection (3), the insured deposit base of any DI Scheme member must be determined on such date as the Authority may notify in the Gazette for computing the amounts of additional premium contributions payable by DI Scheme members.