Singapore legislation

Schedule 2

of Deposit Insurance and Policy Owners’ Protection Schemes Act 2011

Schedule 2

Categories of insured policies

SECOND SCHEDULESections 38(6), 47(2) and 90(1)Categories of insured policies Insured policies must be classified into one of the following 4 categories:

(a)

Category 1 insured policies, comprising any of the following types of policies or riders:

(i)

any individual accident and health policy;

(ii)

any group health policy;

(iii)

any group personal accident policy;

(iv)

any rider to an individual policy, whether or not it is a Category 1 insured policy, with the exception of a rider which, upon the occurrence of a claim event —

(A)

accelerates the payment of part or all of the sum assured stated in the policy; or

(B)

provides for a payout of an additional sum of money over and above the sum assured stated in the policy;

(v)

the part of any insured policy, whether or not it is a Category 1 insured policy —

(A)

comprising the accumulated values (including interest which has accrued on such values) of coupon deposits, advance premium payments and unclaimed moneys under such insured policy; and

(B)

excluding such coupon deposits, advance premium payments and unclaimed moneys as have been factored, in whole or in part, in the surrender value computation by the PPF Scheme member;

(vi)

any accident and health benefit payable under a Category 4 insured policy (other than a benefit that accelerates the payment of part or all of the sum assured stated in the policy);

(b)

Category 2 insured policies, comprising any of the following types of policies or riders:

(i)

any individual policy (other than a Category 1 or 3 insured policy);

(ii)

any voluntary group term policy;

(iii)

any voluntary group whole life policy;

(iv)

any voluntary group endowment policy;

(v)

any rider, whether or not it is a Category 2 insured policy, which accelerates the payment of all or part of the sum assured stated in the policy or provides for a payout of an additional sum of money over and above the sum assured stated in the policy upon occurrence of a claim event,except that any accident and health benefit (other than those benefits that accelerate the payment of part or all of the sum assured stated in the policy) payable under any such policy, must be classified as a Category 1 insured policy;

(c)

Category 3 insured policies, comprising any annuity where the insured policy owner is an individual and any voluntary group annuity policy;

(d)

Category 4 insured policies, comprising any of the following types of policies or riders:

(i)

any non-voluntary group insurance policy, being a non‑voluntary group term policy, non‑voluntary group whole life policy, non‑voluntary group endowment policy or non‑voluntary group annuity policy;

(ii)

any rider of a non-voluntary group insurance policy which, upon the occurrence of a claim event —

(A)

accelerates the payment of part or all of the sum assured stated in the policy; or

(B)

provides for a payout of an additional sum of money over and above the sum assured stated in the policy,other than any accident and health benefit, not being a benefit under a rider that accelerates the payment of part or all of the sum assured stated in the policy, payable under any such policy.[31/2018]

Read in full context — Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 →