Singapore legislation
Section 30
Section 30
Double insurance cover under Scheme prohibited
(1)
No person is to be insured under the Scheme for more than one immovable property at the same time.
(2)
Where a member who is insured under the Scheme in respect of any immovable property purchases another immovable property from a Housing Authority, the member, despite anything in this Act or in regulations made under this Part, ceases to be covered under the Scheme in respect of the firstmentioned immovable property immediately upon the commencement of cover under the Scheme in respect of the second‑mentioned immovable property.
(3)
Where a member’s cover under the Scheme in respect of any immovable property ceases by virtue of subsection (2), the Board must refund to the member or pay to such other person as may be prescribed by regulations made under this Part, subject to such terms and conditions as the Board may impose and in such manner as may be prescribed by those regulations, an amount representing the surrender value of that cover or the unexpired portion of that cover (if any) calculated in accordance with those regulations as if the member had redeemed the housing loan on that property on the date of the cessation of that cover.
(4)
Where before 1 August 1998 a member is insured under the Scheme in respect of 2 immovable properties at the same time —
the member’s cover under the Scheme in respect of the immovable property purchased by the member earlier (called in this subsection the earlier property) ceases on that date; and
the Board must refund to the member or pay to such other person as may be prescribed by regulations made under this Part, subject to such terms and conditions as the Board may impose and in such manner as may be prescribed by those regulations, an amount representing the surrender value of that cover (if any) calculated in accordance with those regulations as if the member had redeemed the housing loan on the earlier property on that date.