Financial Sector and Deposit Insurance Levies Act, 2022 (Act No. 11 of 2022)Part B : Deposit insurance levy9. Deposit insurance levy |
| (1) | A levy, known as the deposit insurance levy, must be charged and paid in accordance with this Act, for the benefit of the Corporation. |
| (2) | The deposit insurance levy is payable by each member. |
| (3) | The amount of the deposit insurance levy payable by each member in respect of a levy period from 1 April in each year to 31 March in the immediately succeeding year is determined in accordance with Schedule 6 to this Act. |
| (4) |
| (a) | Where an entity becomes a member during a levy period or ceases to be a member during a levy period, the levy payable must be proportional to the remainder of the levy period during which the entity is a member or ceases to be a member. |
| (b) | Where a levy has already been paid in full for a levy year or a levy period during which a member ceases to be a member, a refund of the levy must be provided to the former member for the proportion of the levy year or levy period subsequent to the cessation of membership. |
[Section 9 inserted by Commencement Notice No. 3186, GG48291, dated 24 March 2023, takes effect on 1 April 2024]