Premium contributions payable by DI Scheme members
12.—(1) Every DI Scheme member must pay a premium contribution for any premium year or part thereof in respect of the insured deposits placed with the DI Scheme member.
(2) Subject to the provisions of this Act, the premium contribution is such amount as may be computed by the Authority under section 13.
(3) The premium year for the DI Scheme is such period as may be prescribed in regulations made under subsection (4).
(4) The Authority may make regulations for the purpose of prescribing the premium year.
Determination of premium rates and premium contributions
13.—(1) The Authority must assess and determine the premium rates for the purposes of computing the premium contributions payable by DI Scheme members.
(2) The Authority must, on the basis of the premium rates determined under subsection (1) and the insured deposit base of a DI Scheme member, compute the amount of premium contribution payable by the DI Scheme member for any premium year or part thereof.
(3) For the purposes of assessing and determining the premium rates and computing the amounts of premium contributions payable, the Authority may, in consultation with the Agency, make regulations for or in respect of all or any of the following matters:(a)
the establishment of a system of classifying DI Scheme members into different categories;
(b)
the criteria and procedure for determining the category in which a DI Scheme member is to be classified;
(c)
the prescribing of the premium rate applicable to each category of DI Scheme members;
(d)
the manner in which the premium rate for each category of DI Scheme members is to be determined;
(e)
the prescribing of a minimum premium contribution payable by DI Scheme members;
(f)
the manner in which the amount of premium contribution for each category of DI Scheme members is to be determined;
(g)
the computation of premium contribution on a pro rata basis where a full bank or finance company becomes a DI Scheme member, or is no longer exempted from the requirement to be a DI Scheme member, at any time during a premium year;
(h)
the size of the DI Fund;
(i)
such other matters as the Authority considers necessary.
(4) Regulations made pursuant to or dealing with the matters referred to in subsection (3)(c) or (d) may provide for different premium rates for different categories of DI Scheme members.
(5) If the Authority wishes to amend or vary any regulations made under subsection (3), such regulations must not be amended or varied without consulting the Agency.
Notice of payment of premium contribution
14.—(1) Where the Authority has computed the amount of premium contribution payable by any DI Scheme member for any premium year or part thereof under section 13(2), the Authority must notify the Agency accordingly.
(2) Upon receipt of the notification referred to in subsection (1), the Agency must, within a reasonable time prior to the date on which the DI Scheme member is required to pay its premium contribution under the DI Scheme for that premium year or part thereof, give the DI Scheme member written notice of the amount of premium contribution payable and the date by which such premium contribution must be paid.
Additional premium contributions where DI Fund insufficient to pay compensation
15.—(1) Where, in the opinion of the Authority, there are insufficient moneys in the DI Fund to pay any compensation due to insured depositors under this Act, the Authority may, with the concurrence of the Agency, determine —(a)
that DI Scheme members be required to pay additional premium contributions for any premium year or part thereof; and
(b)
the premium rate or rates for the purposes of computing the additional premium contributions.
(2) Where a determination is made under subsection (1) —(a)
the Authority must, as soon as practicable —(i)
publish a notice in the Gazette of the requirement to pay additional premium contributions and the premium rate or rates for the purposes of computing the additional premium contributions referred to in subsection (1); and
(ii)
compute the additional premium contributions payable by DI Scheme members for that premium year or part thereof and notify the Agency accordingly; and
(b)
the Agency must, upon receipt of the notification referred to in paragraph (a)(ii), give written notice to every DI Scheme member of the additional premium contribution that that DI Scheme member is required to pay for that premium year or part thereof and the date by which the additional premium contribution must be paid.
(3) Despite subsections (1) and (2), no DI Scheme member may, without the prior approval of the Minister, be required to pay additional premium contribution for any premium year exceeding such percentage of the insured deposit base of that DI Scheme member as the Minister may by order in the Gazette prescribe.
(4) For the purposes of subsection (3), the insured deposit base of any DI Scheme member must be determined on such date as the Authority may notify in the Gazette for computing the amounts of additional premium contributions payable by DI Scheme members.
Payment of premium contributions and late payment fees
16.—(1) Where any DI Scheme member is given written notice to pay any premium contribution under section 14(2) or any additional premium contribution under section 15(2) for any premium year or part thereof, the DI Scheme member must pay to the Agency on or before the date of payment specified in the notice, the amount of premium contribution or additional premium contribution (as the case may be) that the DI Scheme member is required to pay for that premium year or part thereof.
(2) Subject to subsection (3), if a DI Scheme member fails to pay the premium contribution or additional premium contribution or any part thereof on or before the date of payment specified in the notice in contravention of subsection (1) —(a)
the Agency may, by written notice, impose on the DI Scheme member such late payment fee as the Agency may by Rules determine; and
(b)
the DI Scheme member must pay to the Agency such late payment fee together with the unpaid premium contribution or additional premium contribution (as the case may be) on or before the date of payment specified in the notice under paragraph (a).
(3) The late payment fee referred to in subsection (2) must not exceed the amount of premium contribution or additional premium contribution (as the case may be) owing by the DI Scheme member.
(4) The amount of premium contribution or additional premium contribution owing by the DI Scheme member and the late payment fee must be paid in such manner as may be specified in the Rules.
(5) Without affecting any other remedy, any premium contribution, additional premium contribution or late payment fee payable under this Act is recoverable as a debt due to the Agency by the DI Scheme member.
(6) Where the Agency has commenced any legal proceedings in a court in Singapore to recover any premium contribution, additional premium contribution or late payment fee from a DI Scheme member, the Agency is entitled to claim costs on a full indemnity basis from that DI Scheme member.
Power to refund or remit premium contributions, etc.
17. The Agency may, with the approval of the Minister, refund or remit in whole or in part any premium contribution or additional premium contribution paid or payable by any DI Scheme member under this Act.
Refund of premium contributions, etc., paid in excess
18.—(1) Where it appears to the Authority that a DI Scheme member has paid any premium contribution or additional premium contribution in excess of the amount payable under this Act, the Authority must notify the Agency accordingly.
(2) Upon receipt of the notification referred to in subsection (1), the Agency must refund to the DI Scheme member the amount of premium contribution or additional premium contribution paid in excess.
Re-computation of premium contributions and additional premium contributions
19.—(1) Where it appears to the Authority —(a)
that the premium contribution for any premium year or part thereof —(i)
computed by the Authority under section 13(2) and notified to the Agency under section 14(1); or
(ii)
in respect of which a DI Scheme member has been required to pay under section 14(2) or has so paid; or
(b)
that the additional premium contribution for any premium year or part thereof —(i)
computed by the Authority and notified to the Agency under section 15(2)(a); or
(ii)
in respect of which a DI Scheme member has been required to pay under section 15(2)(b) or has so paid,
is of an amount less than that which ought to have been computed, imposed or paid (called in this section the shortfall), the Authority may at any time during a period of 6 years after the premium year during which there is a shortfall, re‑compute such amount of premium contribution or additional premium contribution which ought to have been computed, imposed or paid (as the case may be) under this Act.
(2) Sections 14, 15 and 16 apply, with the necessary modifications, to any amount of premium contribution or additional premium contribution re-computed under subsection (1) and the recovery of any shortfall in premium contribution or additional premium contribution upon a re-computation under that subsection as if the reference to premium contribution or additional premium contribution were a reference to the shortfall amount which is the difference between —(a)
the amount of premium contribution or additional premium contribution as re-computed; and
(b)
the amount of premium contribution or additional premium contribution that was originally computed, imposed or paid (as the case may be) under this Act.
Disclosure of information relating to premium contributions
20.—(1) Subject to subsections (2) and (3), no DI Scheme member or officer of any DI Scheme member may disclose to any person —(a)
the premium rate applicable to that DI Scheme member;
(b)
the category in which that DI Scheme member is classified pursuant to section 13;
(c)
where the system of classifying DI Scheme members incorporates a rating of that DI Scheme member based on the assessment by the Authority of the risks arising from the activities of that DI Scheme member, the rating of that DI Scheme member; and
(d)
any information which if disclosed, would enable any of the information referred to in paragraph (a), (b) or (c) to be identified or deduced.
(2) Despite subsection (1), a DI Scheme member or any officer of a DI Scheme member may disclose to —(a)
any director or other officer of that DI Scheme member;
(b)
in the case where the DI Scheme member is a full bank, the head office, parent bank or parent supervisory authority of that DI Scheme member; or
(c)
such other person or class of persons as the Authority may approve,
any of the matters referred to in subsection (1) where such disclosure is necessary for the performance of the duties of the person referred to in paragraph (a), (b) or (c), as the case may be.
(3) No person to whom any DI Scheme member or an officer of any DI Scheme member has disclosed information pursuant to subsection (2) may disclose that information to any other person except as approved by the Authority.
(4) Any person who contravenes subsection (1) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
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