Deposit Protection Act · 2023 Revised Edition · Part 4
35. First premium
Official textFrom Attorney General's Chambers, unchanged
The Corporation shall assess and collect the premium payable by a member institution for the assessment year in which it becomes a member institution (hereinafter referred to as the first premium) an amount of $50,000 or such other rate to be prescribed by the Corporation, with the prior approval of the Minister, whichever is the higher.
Corporation
“Corporation” means the Brunei Darussalam Deposit Protection Corporation established by section 3;
No first premium shall be required to be paid in relation to any deposit transferred from a member institution to another member institution within a business group upon which premium has been paid for the assessment year in which the member institution becomes a member.
deposit
“deposit” means a deposit as defined in section 2(3) of the Banking Order, 2006, a deposit as defined in section 2(3) of the Islamic Banking Order, 2008 and a deposit as defined in section 2 of the Finance Companies Act, as the case may be;
A member institution shall pay the first premium to the
member institution
“member institution” means any financial institution deemed to be a member institution under section 27 whose membership has not been cancelled under section 31 or terminated under section 32;
Corporation within 30 days from the date it becomes a member.
Terms defined in s 2
assessment year
Defined · s 2“assessment year”, in relation to the calculation and payment of premiums under this Act, means the period beginning on the first day of January and ending on the 31st day of December of each year or such other period as may be approved by the Minister;
Corporation
Defined · s 2“Corporation” means the Brunei Darussalam Deposit Protection Corporation established by section 3;
deposit
Defined · s 2“deposit” means a deposit as defined in section 2(3) of the Banking Order, 2006, a deposit as defined in section 2(3) of the Islamic Banking Order, 2008 and a deposit as defined in section 2 of the Finance Companies Act, as the case may be;
member institution
Defined · s 2“member institution” means any financial institution deemed to be a member institution under section 27 whose membership has not been cancelled under section 31 or terminated under section 32;
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