Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 12A : Resolution of Designated InstitutionsPart 8 : Contributions to Fund166BG. Deposit insurance premiums |
| (1) | There shall be charged, imposed and collected by the Corporation, in accordance with this Act, a premium to be known as the deposit insurance premium, to ensure that the Fund is able to make payments required by this Chapter. |
| (2) | The deposit insurance premium is payable by each member. |
| (3) | The amount of the deposit insurance premium payable by each member in respect of a premium period is determined in accordance with Schedule 5. |
(4)
| (a) | Where a member becomes a member during a premium period, or ceases to be a member during a premium period, the premium payable must be proportional to the remainder of the premium period during which the entity is a member or ceases to be a member. |
| (b) | Where a premium has already been paid in full for a premium period during which a member ceases to be a member, a refund of the premium must be provided to the former member for the proportion of the premium period subsequent to the cessation of membership. |
[Section 166BG substituted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2024 per section (d), item (3) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]