15. The amount of the premium payable by an authorized deposit institution for the accounting period during which it becomes an authorized deposit institution is equal to the greater of the following amounts:
(1) a fraction of 1/20 of 1% of an amount equal to the total of the portion of each deposit of money that is guaranteed by the Authority under section 33.1 of the Act and that is on deposit with the deposit institution on the last day of the month during which it became an authorized deposit institution;
(2) a fraction of $5,000.
The fraction is obtained by dividing by 365 the number of days in the accounting period for premiums during which the guarantee provided for in section 33.1 of the Act is in force.
During an accounting period for premiums, where an authorized deposit institution is continued pursuant to the Insurance Companies Act (S.C. 1991, c. 47) or the Trust and Loan Companies Act (S.C. 1991, c. 45), the portion of the unearned premium is reimbursed to the authorized deposit institution.
M.O. 2010-12, s. 15; M.O. 2020-09, s. 1711.