Section 48
Annual premium in respect of deposit-taking members
of Malaysia Deposit Insurance Corporation Act 2011
Subject to paragraph 47(3)(a) and subsection 49A(1), every deposit-taking member shall, for each assessment year following the assessment year in which it becomes a member institution, pay annual premiums on or before the annual due date specified by the
Corporation.
(2)
Subject to subsection (3), the annual premium rate or rates shall be as prescribed by the Minister on the recommendation of the
Corporation.
(3)
The annual premium payable by a deposit-taking member for an assessment year shall not be lower than such minimum amount or amounts as may be prescribed by the Minister on the recommendation of the Corporation.
(4)
For the avoidance of doubt, the rates prescribed under subsection (2) and the minimum amounts prescribed under subsection (3) may relate to categories in which deposit-taking members are classified under premium regulations and different rates and minimum amounts may apply to different categories.
(5)
Any deposit-taking member which contravenes subsection (1)
commits an offence and shall, on conviction, be liable to a fine not exceeding three million ringgit and shall, in addition, be liable to a
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daily fine not exceeding thirty thousand ringgit for every day the offence continues after conviction.