Singapore legislation
Schedule 5
of Deposit Insurance and Policy Owners’ Protection Schemes Act 2011
Schedule 5
Provisions applicable to the holding and payment of compensation by the Public Trustee to persons entitled to payment of compensation under this Act
FIFTH SCHEDULESections 27(8) and 52(8)Provisions applicable to the holding and payment of compensation by the Public Trustee to persons entitled to payment of compensation under this Act
1. The Public Trustee must hold the payment of compensation made to the Public Trustee under sections 27 and 52 (called in this Schedule compensation moneys) as a bare trustee until such compensation moneys are paid out to the insured depositors, persons referred to in section 22(7), insured policy owners, or beneficiaries under insured policies which are covered under the PPF General Fund and provide third party benefits (as the case may be) (called in this Schedule the entitled persons) or the Consolidated Fund.
2. The Public Trustee is not under a duty to do any of the following:
take any step to trace or contact any entitled person for the purpose of making payment of the compensation moneys to the person;
despite section 10(3) of the Public Trustee Act 1915 and rule 22 of the Public Trustee Rules, invest any compensation moneys for the benefit of any entitled person;
despite section 21 of the Public Trustee Act 1915 and rule 22 of the Public Trustee Rules, pay any interest on any compensation moneys to any entitled person.
3. The Public Trustee may hold the compensation moneys up to a maximum period of 7 years from the date of receipt of such compensation moneys and if they remain unclaimed at the expiry of that period, the compensation moneys together with any interest earned thereon must be paid into the Consolidated Fund.
4. If any claim is made by any entitled person to any part of the compensation moneys so transferred to the Consolidated Fund and if the claim is established to the Public Trustee’s satisfaction, the amount certified by the Public Trustee to be due to the claimant must be paid to the claimant, without interest, from the Consolidated Fund.
5. The Agency must, based on the books of the failed DI Scheme member or PPF Scheme member (as the case may be) provide the particulars of each entitled person and the amount of compensation moneys due to such person (called in this Schedule the computed compensation amount) to the Public Trustee at the time of payment of the compensation moneys to the Public Trustee.
6. In the event that an entitled person makes a claim to any part of the compensation moneys with the Public Trustee, the Public Trustee may make payment of the computed compensation amount to the entitled person and in making payment of such moneys to the entitled person, the Public Trustee is entitled to rely on the particulars and computed compensation amount referred in paragraph 5.
7. Where the particulars of a claimant are not found in the particulars provided by the Agency to the Public Trustee under paragraph 5, the Public Trustee must refer the claimant to the Agency and the Agency must determine whether the claimant is an entitled person. If the Agency determines that the claimant is an entitled person, the Agency must provide a confirmation to the Public Trustee stating the computed compensation amount due to the claimant, whereupon the Public Trustee is entitled to rely on the confirmation and make payment of the computed compensation amount to the claimant.
8. Where an entitled person makes a claim for an amount of compensation moneys with the Public Trustee which is greater than the computed compensation amount, the Public Trustee may only pay the computed compensation amount to the entitled person and refer the entitled person to the Agency to claim the shortfall between the firstmentioned amount and the computed compensation amount.
9. Where any compensation moneys is paid in error or excess by the Agency to the Public Trustee, the Agency must notify the Public Trustee in writing of such amount paid in error or excess and the following apply:
in the case where such amount paid in error or excess has not been paid out by the Public Trustee in accordance with this Schedule, the Public Trustee must refund the amount paid in error or excess to the Agency;
in the case where such amount paid in error or excess has been paid out by the Public Trustee to an entitled person in accordance with this Schedule, the Agency must recover the amount paid in error or excess from the entitled person under section 28 or 53, as the case may be.
10. No liability shall be incurred by the Public Trustee as a result of anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the performance or purported performance of any function or duty referred to in this Act.[44/2014]