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 Act7. Reimbursement methods |
| (1) | The Corporation must use the information submitted by a bank in resolution in accordance with regulation 30 to determine the covered deposits for a qualifying depositor using the rules specified in these regulations. |
| (2) | The Corporation may reimburse a qualifying depositor for their covered deposits using any method it deems appropriate, including― |
| (a) | making an electronic funds transfer into an account nominated by a qualifying depositor, in the name of a qualifying depositor at a bank other than the bank in resolution; or |
| (b) | through one or more payout agent banks. |
| (3) | The Corporation may make multiple reimbursements to a qualifying depositor, subject to the limit of cover. |
| (4) | Reimbursement of a qualifying depositor’s covered deposits by the Corporation discharges the Corporation from all liabilities to the qualifying depositor for the reimbursed amount. |