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 Act9. Reimbursement of informal beneficiary account |
| (1) | The Corporation must reimburse the signatories to the account for the informal beneficiary account holder’s covered deposits. |
| (2) | The Corporation must reimburse a signatory of an informal beneficiary account in line with their rights and responsibilities as specified in the records of the bank in resolution. |
| (3) | If an informal beneficiary account holder has multiple accounts with different signatories, the Corporation may reimburse each set of signatories for the covered deposits on a pro rata basis. |