Singapore legislation
Regulation 8
Regulation 8
Computation of premium contributions
Subregulation 1
Subject to regulation 9(1), the Authority shall calculate the amount of premium contribution payable by a Scheme member for any premium year as the product of the premium rate applicable to the Scheme member and the insured deposit base of the Scheme member as at 31st December of the preceding year.
Subregulation 2
Subject to regulation 9(2), where —
a full bank or finance company becomes a Scheme member during the course of a premium year; or (b)an exemption from the requirement to be a Scheme member granted to a full bank or finance company pursuant to section 6 of the Act is withdrawn during the course of a premium year, the Authority shall impose on that full bank or finance company, as the case may be, a premium contribution which is pro-rated according to the number of months, or any part thereof, remaining for that premium year.
Subregulation 3
For the purposes of calculating the premium contribution of a full bank or finance company referred to in paragraph (2), the Authority shall apply the insured deposit base of the full bank or finance company, as the case may be, as at the date on which the full bank or finance company becomes a Scheme member.