Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)RegulationsDeposit Insurance Regulations, 2024Chapter III: Application of Fund when reimbursing covered deposits in accordance with Section 166AA(1)(b) of Act6. Reimbursement of covered deposits |
| (1) | The Corporation must apply the Fund to reimburse a qualifying depositor of a bank in resolution for their covered deposits when the following conditions are fulfilled: |
| (a) | the bank is a member of the Corporation; and |
| (b) | the Reserve Bank has decided that covered deposits must be reimbursed. |
| (2) | The Corporation must reimburse a qualifying depositor of a bank for their covered deposits not later than 20 calendar days from the date on which the conditions specified under subregulation (1) are fulfilled, except in the cases specified in regulation 10. |
| (3) | When the conditions specified under subregulation (1) are fulfilled, the Corporation must publicly announce the reimbursement of covered deposits, its commencement date, the reimbursement methods, and the end of the reimbursement process. |