Section 17
SEC. 17. (a) The Commission may insure the accounts of any Building and Loan Association and upon such term as the Commission may prescribe, to make commitments for the insuring of the accounts of such associations prior to the date of their organization and chartering. Notwithstanding the foregoing provisions, the total amount of accounts of Building and Loan Associations insured under this chapter shall not exceed the sum of five hundred million pesos at any one time. (b) Each institution whose application for insurance is approved by the Commission shall pay to the Commission in such manner as it shall prescribe, a premium charge for such insurance at the rate set by the Commission under the provisions of this Act on the basis of the total amount of all accounts of the insured members of such institutions plus any creditor obligations of such institutions. Such premium shall be paid at the time the certificate is issued by the Commission and thereafter annually or semi-annually as the Commission may prescribe until a reserve fund has been established by the Commission equal to ten per centum of all insured accounts and creditor obligations of all insured institutions. If at any time such reserve fund falls below such ten per centum, the payment of such annual premium charge for insurance shall be resumed and shall be continued until the reserve is brought back to ten per centum. For the purposes of this subsection, the amount in all accounts of insured members and amount of creditor obligations of any institution may be determined from adjusted statements made within one year prior to the approval of the application of such institution for insurance, or in such other manner as the Commission may by rules and regulations prescribe. (c) The Commission is further authorized to raise the rate of premiums for insurance until the amount of such premiums is sufficient to cover the amount of all losses and expenses of the Commission: Provided, however, That the total amount of such premiums in any one year shall not exceed one per centum of the total amount of the accounts of its insured members and its creditor obligations.