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Canada Deposit Insurance Corporation Act

Version of section 21 from 2007-04-20 to 2018-12-12:

Marginal note:Assessment and collection of premiums

  •  (1) The Corporation shall, for each premium year, assess and collect from each member institution an annual premium in an amount equal to the lesser of

    • (a) the annual premium for that member institution determined under the by-laws, and

    • (b) the maximum annual premium.

  • Marginal note:By-laws re premiums

    (2) The Board may make by-laws respecting the determination of annual premiums for member institutions and, without restricting the generality of the foregoing, may make by-laws

    • (a) for the establishment of a system of classifying member institutions in different categories;

    • (b) respecting the criteria or factors to be taken into account or procedures to be followed by the Corporation in determining the category in which a member institution is classified; and

    • (c) fixing the amount of, or providing for the manner of determining the amount of, the annual premium applicable to each category.

  • Marginal note:When by-law not effective

    (3) A by-law made under subsection (2) is not effective unless it has been approved in writing by the Minister.

  • Marginal note:Maximum annual premium

    (4) In this section, maximum annual premium means, in respect of a member institution, the greater of

    • (a) $5,000, and

    • (b) one third of one per cent, or such smaller proportion of one per cent as may be fixed in respect of the premium year by the Governor in Council, of an amount equal to the sum of so much of the deposits as are considered to be insured by the Corporation and deposited with the member institution as of April 30 in the immediately preceding premium year.

  • Marginal note:Calculation of deposits

    (5) For the purposes of this section, a member institution may use any method approved by the Corporation to determine or estimate the aggregate amount of its deposits that are considered to be insured by the Corporation.

  • R.S., 1985, c. C-3, s. 21
  • R.S., 1985, c. 18 (3rd Supp.), s. 57
  • 1996, c. 6, s. 27
  • 2007, c. 6, s. 406

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