Section 37
Calculation of annual premium
(1)
The annual premium shall be calculated as follows —
(a)
the premium rates to be applied to a member institution shall be based on the total protected deposits held by the member institution as at 31st December of the preceding assessment year; and
(b)
the applicable premium rates for each member institution shall be based on such criteria as may be prescribed.
(2)
The premium payable by a member institution shall be based on returns to be certified by the chief executive of the member institution to be submitted in such form and within such period as the Corporation may require.
(3)
For the purpose of this section, “chief executive” in relation to a member institution, means an individual, by whatever name called, who, or jointly with one or more persons, is responsible, subject to the authority of the directors, for the conduct of the business and the administration of that member institution.