Section 93: Deposit insurance scheme

93. Deposit insurance scheme (1) There shall be established and maintained, in such manner as may be prescribed, a deposit insurance scheme to provide insurance against the loss of part or all of deposits in a bank in a manner that will contribute to the stability of the financial system in Mauritius and minimise the exposure to loss. (2) Without prejudice to the generality of the foregoing, regulations made under subsection (1) shall set out the terms and conditions of the scheme which shall include— (a) financing of the deposit insurance scheme through a deposit insurance fund to which shall be credited premiums levied on banks and shall be charged all costs associated with the payment of deposits, any restructuring of banks to reduce or avert a threatened loss to the scheme, or to pay cost of their liquidation; (b) types of deposits covered and the ceiling of coverage; (c) powers of the body administering the scheme; and (d) administration of the scheme. B3 – 61 [Issue 6] Banking Act (3) The central bank may advance funds to the deposit insurance fund on such repayment terms and conditions as it deems fit for the administration of the deposit insurance scheme.