—(1) Where, in the opinion of the Authority, there are insufficient moneys in the PPF Life Fund or the PPF General Fund, as the case may be, to pay any compensation due to insured policy owners or beneficiaries, or to fund any transfer or run-off of the insurance business of any failed PPF Scheme member under this Act, the Authority may, with the concurrence of the Agency, determine —
that PPF Scheme members shall be required to pay additional levies for any premium year or part thereof; and
the levy rate or rates for the purposes of computing the additional levies.
(2) Where a determination is made under subsection (1) —
the Authority shall, as soon as practicable —
publish a notice in the Gazette of the requirement to pay additional levies and the levy rate or rates for the purposes of computing the additional levies referred to in subsection (1); and
compute the additional levies payable by PPF Scheme members for that premium year or part thereof and notify the Agency accordingly; and
the Agency shall, upon receipt of the notification referred to in paragraph (a)(ii), give notice in writing to every PPF Scheme member of the additional levy that that PPF Scheme member is required to pay for that premium year or part thereof and the date by which the additional levy shall be paid.
(3) Notwithstanding subsections (1) and (2), no PPF Scheme member shall, without the prior approval of the Minister, be required to pay additional levy for any premium year exceeding such percentage of the protected liabilities or gross premium income, as the case may be, of the PPF Scheme member as the Minister may, by order published in the Gazette, prescribe.
(4) For the purposes of subsection (3), the insured policy base or gross premium income, as the case may be, of any PPF Scheme member shall be determined on such date as the Authority may notify in the Gazette for computing the amounts of additional levies payable by PPF Scheme members.