Deposit Protection Act · 2023 Revised Edition · Part 4
37. Calculation of annual premium
Official textFrom Attorney General's Chambers, unchanged
The annual premium shall be calculated as follows —
the premium rates to be applied to a member institution shall be based on the total protected deposits held by the member institution as at 31st December of the preceding assessment year; and
the applicable premium rates for each member institution shall be based on such criteria as may be prescribed.
The premium payable by a member institution shall be based on returns to be certified by the chief executive of the member institution to be submitted in such form and within such period as the Corporation may require.
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;
For the purpose of this section, “chief executive” in relation to a member institution, means an individual, by whatever name called, who, or jointly with one or more persons, is responsible, subject to the authority of the directors, for the conduct of the business and the administration of that member institution.
Authority
“Authority” means the Authority as stated in the Banking Order, 2006, the Islamic Banking Order, 2008 and in the case of the Finance Companies Act, the Minister;
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;
Authority
Defined · s 2“Authority” means the Authority as stated in the Banking Order, 2006, the Islamic Banking Order, 2008 and in the case of the Finance Companies Act, the Minister;
Corporation
Defined · s 2“Corporation” means the Brunei Darussalam Deposit Protection Corporation established by section 3;
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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