Singapore legislation
Regulation 7
Regulation 7
Determination of premium rates
Subregulation 1
For the purposes of determining the premium rates applicable to Scheme members for any premium year, all Scheme members shall be classified into the categories specified in the first column of the Table in the Third Schedule.
Subregulation 2
The premium rate applicable to each category is specified in the second column of the Table in the Third Schedule.
Subregulation 3
For the purposes of determining the category in which a foreign bank shall be classified, the Authority shall compute the asset maintenance ratio of the foreign bank.
Subregulation 4
For the purposes of computing the asset maintenance ratio under paragraph (3), the Authority shall apply —
in the case where —
the foreign bank becomes a Scheme member during the course of a premium year; or (ii)an exemption from the requirement to be a Scheme member granted to the foreign bank pursuant to section 6 of the Act is withdrawn during the course of a premium year, the average of the numerator of the formula for computing the asset maintenance ratio set out in regulation 6 for the last 3 months before it becomes a Scheme member over the insured deposit base as at the date it becomes a Scheme member; or (b)in any other case, the average of the numerator of the formula for computing the asset maintenance ratio set out in regulation 6 for the last 3 months of the preceding year over the insured deposit base as at 31st December of the preceding year.
Subregulation 5
A Scheme member which is incorporated in Singapore shall be classified in the same category as a foreign bank with an asset maintenance ratio of more than 5.