Singapore legislation
Regulation 9
Regulation 9
Minimum premium contribution
Subregulation 1
Subject to paragraphs (2) and (3), for any premium year, a Scheme member shall pay a minimum premium contribution of $2,500.
Subregulation 2
In the case 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the requirement to be a Scheme member granted to a full bank or finance company pursuant to section 6 of the Act is withdrawn during the course of a premium year, the minimum premium contribution that the full bank or finance company, as the case may be, shall pay shall be pro-rated according to the number of months, or any part thereof, remaining for that premium year.
Subregulation 3
Where the first premium year does not commence from 1st April, the minimum premium contribution that a Scheme member shall pay for the first premium year shall be pro-rated according to the number of months, or any part thereof, comprised in the first premium year.