Singapore legislation
Regulation 6
of Deposit Insurance and Policy Owners’ Protection Schemes (Deposit Insurance) Regulations 2011
Regulation 6
Determination of premium rates
Subregulation 1
For the purposes of determining the premium rates applicable to DI Scheme members for any premium year, all DI Scheme members shall be classified into the categories specified in the first column of the Third Schedule.
Subregulation 2
The premium rate applicable to each category of DI Scheme members is specified in the second column of 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 DI Scheme member during the course of a premium year; or
an exemption from the requirement to be a DI Scheme member granted to the foreign bank pursuant to section 6 of the Act is withdrawn during the course of a premium year,the average of the numerators of the formula for computing the asset maintenance ratio set out in regulation 5 for the last 3 months before it becomes a DI Scheme member over the insured deposit base as at the date it becomes a DI Scheme member;
in the case of the first premium year, the average of the numerator of the formula for computing the asset maintenance ratio set out in regulation 5 as at 31st March 2011, 30th April 2011 and 31st May 2011 over the insured deposit base as at 31st May 2011; (ba)in the case of the premium year beginning on 1 April 2024 and ending on 31 March 2025, the average of the numerators of the formula for computing the asset maintenance ratio set out in regulation 5 for the last 3 months of 2023, over the aggregate of the amounts as mentioned in regulation 5(1)(c)(i)(A) to (D) of every insured depositor of the foreign bank, as at 31 December 2023; or
in any other case, the average of the numerators of the formula for computing the asset maintenance ratio set out in regulation 5 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 DI 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.
Subregulation 6
In this regulation, “average of the numerators of the formula for computing the asset maintenance ratio set out in regulation 5 for the last 3 months” means the sum of the numerators of the formula for computing the asset maintenance ratio set out in regulation 5(1), as at the end of each of the 3 months in question, divided by 3.