Canada Deposit Insurance Corporation Prescribed Practices Premium Surcharge By-law

The Canada Deposit Insurance Corporation Prescribed Practices Premium Surcharge By-law was established by the Board of Directors on January 31, 1994. The purpose of this by-law is to prescribe practices that warrant a premium surcharge for member institutions. A practice that warrants a premium surcharge includes any act or omission that results in non-compliance with various provisions and regulations set out in the Canada Deposit Insurance Corporation Act, including the policy of deposit insurance, relevant statutes, and other by-laws such as the Canada Deposit Insurance Corporation Data and System Requirements By-law and the Eligible Financial Contracts By-law. These practices include failing to comply with subsection 8(2) of the policy, failing to provide the Corporation with specified information, failing to prepare and maintain records, or failing to meet the terms of an undertaking given by the member institution. The relevant statutes referred to in this by-law include the Bank Act, Trust and Loan Companies Act, Cooperative Credit Associations Act, and provincial Acts that authorize member institutions to accept deposits.