Malaysia Deposit Insurance Corporation Act 2011 s 48
s 48 Annual premium in respect of deposit-taking members
(1) Subject to paragraph 47(3)(a) and subsection 49A(1), every deposit-taking member shall, for each assessment year following the assessment year in which it becomes a member institution, pay annual premiums on or before the annual due date specified by the Corporation.
(2) Subject to subsection (3), the annual premium rate or rates shall be as prescribed by the Minister on the recommendation of the Corporation.
(3) The annual premium payable by a deposit-taking member for an assessment year shall not be lower than such minimum amount or amounts as may be prescribed by the Minister on the recommendation of the Corporation.
(4) For the avoidance of doubt, the rates prescribed under subsection (2) and the minimum amounts prescribed under subsection (3) may relate to categories in which deposit-taking members are classified under premium regulations and different rates and minimum amounts may apply to different categories.
(5) Any deposit-taking member which contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding three million ringgit and shall, in addition, be liable to a
daily fine not exceeding thirty thousand ringgit for every day the offence continues after conviction.
Malay text (authoritative)
Premium tahunan berkenaan dengan anggota penerima deposit
(1) Tertakluk pada perenggan 47(3)(a) dan subseksyen 49A(1), tiap-tiap anggota penerima deposit hendaklah, bagi setiap tahun taksiran berikutan tahun taksiran yang ia menjadi institusi anggota, membayar premium tahunan pada atau sebelum tarikh kena bayar tahunan yang ditentukan oleh Perbadanan.
(2) Tertakluk pada subseksyen (3), kadar atau kadar-kadar premium tahunan adalah sebagaimana yang ditetapkan oleh Menteri atas syor Perbadanan.
(3) Premium tahunan yang kena dibayar oleh anggota penerima deposit bagi suatu tahun taksiran tidak boleh lebih rendah daripada apa-apa amaun atau amaun-amaun minimum sebagaimana yang ditetapkan oleh Menteri atas syor Perbadanan.
(4) Bagi mengelakkan keraguan, kadar yang ditetapkan di bawah subseksyen (2) dan amaun minimum yang ditetapkan di bawah subseksyen (3) boleh berhubung dengan kategori yang dalamnya anggota penerima deposit dikelaskan di bawah peraturan-peraturan premium dan kadar dan amaun minimum yang berbeza boleh terpakai bagi kategori yang berbeza.
(5) Mana-mana anggota penerima deposit yang melanggar subseksyen (1) melakukan suatu kesalahan dan boleh, apabila disabitkan, didenda tidak melebihi tiga juta ringgit dan boleh, sebagai tambahan, dikenakan denda harian tidak melebihi tiga puluh ribu ringgit bagi tiap-tiap hari kesalahan itu berterusan selepas sabitan.
Read this section in the full act → · Open Chapter 2 →
Find Act 720 on lom.agc.gov.my ↗
Text as at 21 July 2023 (LOM reprint); amendments made after that date may not be incorporated.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
