5.—(1) Subject to paragraph (1A) andregulation 6(1), the Authority shall calculate the amount of levy payable by a PPF Scheme member for any premium year as —
(a)
in respect of insured policies covered under the PPF Life Fund, the product of the levy rate applicable to the PPF Scheme member and the aggregate protected liabilities of the PPF Scheme member for the insured policies as at 31st December of the preceding calendar year; and
(b)
in respect of insured policies covered under the PPF General Fund —
(i)
in the case where the PPF Scheme member is not taking in any new insurance business or not renewing any existing insurancepolicy, the product of the levy rate applicable to the PPF Scheme member and the aggregate protected liabilities of the PPF Scheme member for the insured policies as at 31st December of the preceding calendar year; and
(ii)
in all other cases, the product of the levy rate applicable to the PPF Scheme member and the gross premium income in respect of the insured policies of the PPF Scheme member in the preceding calendar year ending 31st December.
[S 126/2012 wef 30/03/2012]
(1A) Subject to regulation 6(1), where the whole or any part of the business of a registered insurer is transferred to a PPF Scheme member under Division 1 or 2 of Part IIIAA of the Insurance Act (Cap. 142) before the date on which the Agency gives the PPF Scheme member the levy notice for any premium year (referred to in this paragraph as the relevant premium year) but after the date of the levy notice for the preceding premium year, if any was given, the Authority shall calculate the amount of levy payable by the PPF Scheme member for the relevant premium year as follows:
(a)
in respect of insured policies covered under the PPF Life Fund — by multiplying the levy rate applicable to the PPF Scheme member and the aggregate protected liabilities of the PPF Scheme member for the insured policies as at such date as the Authority may specify by notice in writing to the PPF Scheme member, being no earlier than the date of the levy notice for the preceding premium year, if any was given; and
(b)
in respect of insured policies covered under the PPF General Fund —
(i)
in the case where the PPF Scheme member is not taking in any new insurance business (other than the business transferred to the PPF Scheme member under Division 1 or 2 of Part IIIAA of the Insurance Act) or is not renewing any existing insurancepolicy — by multiplying the levy rate applicable to the PPF Scheme member and the aggregate protected liabilities of the PPF Scheme member for the insured policies as at such date as the Authority may specify by notice in writing to the PPF Scheme member, being no earlier than the date of the levy notice for the preceding premium year, if any was given; and
(ii)
in all other cases — by adding the following amounts:
(A)
the product of the levy rate applicable to the PPF Scheme member and the gross premium income in respect of the insured policies of the PPF Scheme member in the preceding calendar year ending 31st December; and
(B)
the product of the levy rate applicable to the PPF Scheme member and the gross premium income written in the preceding calendar year ending 31st December in respect of the insured policies transferred to the PPF Scheme member under Division 1 or 2 of Part IIIAA of the Insurance Act.
[S 126/2012 wef 30/03/2012]
(2) Subject to regulation 6(2), where —
(a)
a relevant insurer becomes a PPF Scheme member during the course of a premium year; or
(b)
an exemption from the requirement to be a PPF Scheme member granted to a relevant insurer pursuant to section 32 of the Act is withdrawn during the course of a premium year,
the Authority shall impose on that insurer a levy on a pro-rata basis according to the number of months, or any part thereof, remaining for that premium year.
(3) For the purposes of calculating the levy of a relevant insurer referred to in paragraph (2), the Authority shall apply the following:
(a)
in respect of insured policies covered under the PPF Life Fund, the aggregate protected liabilities of the PPF Scheme member for the insured policies as at the date on which the insurer becomes a PPF Scheme member; and
(b)
in respect of insured policies covered under the PPF General Fund —
(i)
in the case where the PPF Scheme member is not taking in any new insurance business or not renewing any existing insurancepolicy, the aggregate protected liabilities of the PPF Scheme member for the insured policies as at the date on which the insurer becomes a PPF Scheme member; and
(ii)
in all other cases, the gross premium income written in the preceding calendar year ending 31st December.
[S 126/2012 wef 30/03/2012]
(4) Subject to regulation 6(3), where the PPF Scheme member is a relevant insurer registered to carry on insurance business under the Insurance Act (Cap. 142) immediately before the effective date, the Authority shall impose on the PPF Scheme member a levy for the first premium year on a pro-rata basis according to the number of months, or any part thereof, comprised in that first premium year.
(5) For the purposes of calculating the levy of a PPF Scheme member referred to in paragraph (4), the Authority shall apply the following:
(a)
in respect of insured policies covered under the PPF Life Fund, the aggregate protected liabilities of the PPF Scheme member for the insured policies as at 31st December of the preceding calendar year; and
(b)
in respect of insured policies covered under the PPF General Fund —
(i)
in the case where the PPF Scheme member is not taking in any new insurance business or not renewing any existing insurancepolicy, the aggregate protected liabilities of the PPF Scheme member for the insured policies as at 31st December of the preceding calendar year; and
(ii)
in all other cases, the gross premium income in respect of the insured policies of the PPF Scheme member in the preceding calendar year ending 31st December.
(6) In paragraph (1A), “levy notice” means a notice in writing under section 39(2) of the Act stating the amount of levy payable by the PPF Scheme member for a premium year.
