Singapore legislation
Regulation 7
of Deposit Insurance and Policy Owners’ Protection Schemes (Deposit Insurance) Regulations 2011
Regulation 7
Computation of premium contributions
Subregulation 1
Subject to regulation 8(1), the Authority must calculate the amount of premium contribution payable by a DI Scheme member for any premium year as —
for the premium year beginning on 1 April 2024 and ending on 31 March 2025, the product of the premium rate applicable to the DI Scheme member and the aggregate of the amounts as mentioned in regulation 5(1)(c)(i)(A) to (D) of every insured depositor of the DI Scheme member, as at 31 December 2023; and
for any other premium year, the product of the premium rate applicable to the DI Scheme member and the insured deposit base of the DI Scheme member as at 31 December of the preceding year.
Subregulation 2
Subject to regulation 8(2), where —
a full bank or finance company 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the requirement to be a DI Scheme member granted to a full bank or finance company pursuant to section 6 of the Act is withdrawn during the course of a premium year,the Authority shall impose on that full bank or finance company, as the case may be, a premium contribution which is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 DI Scheme member.
Subregulation 4
Subject to regulation 8(3), where a DI Scheme member is a Scheme member under the repealed Act immediately before 1st May 2011, the Authority shall impose on that DI Scheme member a premium contribution for the first premium year which is pro-rated according to the number of months, or any part thereof, comprised in that first premium year.
Subregulation 5
For the purposes of calculating the premium contribution of a DI Scheme member referred to in paragraph (4), the Authority shall apply the insured deposit base of the DI Scheme member as at 31st May 2011.