Deposit Protection Act · 2023 Revised Edition · Part 4
36. Annual premium
Official textFrom Attorney General's Chambers, unchanged
Every member institution shall, for each assessment year following the assessment year in which it becomes a member institution, pay an annual premium for all protected deposits placed with it.
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;
The maximum annual premium rates under this Act shall not exceed 0.5 per cent of the total protected deposits.
protected deposits
“protected deposits” means the deposits protected pursuant to section 45.
Deposit Protection 30
deposit protection
“deposit protection” means the protection provided to the depositors of a member institution in case of its failure to pay its deposits;
The quantum of such annual premium paid under subsection (2)
shall not be lower than the first premium.
A member institution shall pay the annual premium within 30 days upon the receipt of the notice of payment.
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;
deposit protection
Defined · s 2“deposit protection” means the protection provided to the depositors of a member institution in case of its failure to pay its deposits;
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;
protected deposits
Defined · s 2“protected deposits” means the deposits protected pursuant to section 45.
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