Malaysia legislation
Section 51
Section 51
Premium surcharge in respect of deposit-taking members
(2)
The premium surcharge payable by a deposit-taking member under subsection (1) in any particular assessment year shall not exceed the premium payable by the deposit-taking member in respect of the preceding assessment year or one million ringgit, whichever is higher.
Malaysia Deposit Insurance Corporation 73
(3)
Where, in the opinion of the Corporation a deposit-taking member—
(a)
(Deleted by Act A1505);
(b)
has failed or fails to comply with the terms and conditions of the membership, any undertaking given to or agreement made with the Corporation, or any regulations, rules, orders, by-laws, notifications, directives, guidelines, circulars or notes of the Corporation in respect of deposit insurance;
(c)
has failed or fails to comply with a request for information or has restricted access to information by the Corporation,
Bank Negara Malaysia or any person acting on behalf of the
Corporation, under this Act; or
(d)
has failed or fails to maintain proper deposit records or misrepresented, whether by act or omission, any information, including information on insured deposit liabilities used as a basis for any premium assessments under this Part, the Corporation shall—
(A)
if it proposes to impose a premium surcharge on the deposit-taking member, consult Bank Negara Malaysia on the reasons for imposing a premium surcharge and the amount of the premium surcharge; and
(B)
give the deposit-taking member an opportunity to make representations to the Corporation on any proposed premium surcharge within seven days from the date of a written notice issued by the Corporation to the deposit-taking member.
(4)
Where the Corporation receives representations from a deposit-taking member within the time period stipulated in paragraph (3)(B), the Corporation shall consider the representations in deciding whether
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to impose a premium surcharge and if so, deciding on the amount of the premium surcharge.
(5)
Where the Corporation decides to impose a premium surcharge, the Corporation shall obtain the written approval of the Minister before imposing the premium surcharge on the deposit-taking member.
(6)
A premium surcharge shall be imposed by the Corporation by notice in writing to the deposit-taking member and shall be payable to the Corporation within thirty days from the date of such notice or such other period as may be specified by the Corporation.
(7)
Any opinion formed or decision made by the Corporation relating to the imposition or the amount of any premium surcharge in respect of any deposit-taking member shall be final and binding.
(8)
A surcharge paid to the Corporation under this section shall be paid into and form part of the Consolidated Fund.
Overdue charges in respect of deposit-taking members