Singapore legislation
Section 21
of Deposit Insurance and Policy Owners’ Protection Schemes Act 2011
Section 21
Occurrence of events precipitating payment of compensation
(1)
Where, on or after 1 May 2011 —
an order is made by a court in Singapore or elsewhere to wind up a DI Scheme member; (b)a DI Scheme member is wound up voluntarily under the Insolvency, Restructuring and Dissolution Act 2018 or under the law of a country or territory outside Singapore; or
the Authority is of the opinion that a DI Scheme member is insolvent, unable or likely to become unable to meet its obligations, or about to suspend payments,the Authority may determine that compensation be paid out of the DI Fund to the insured depositors of the DI Scheme member in accordance with this Act.
(2)
Where the Authority determines that compensation be paid out of the DI Fund under subsection (1), the Authority must immediately give written notice to the Agency of its determination.
(3)
The written notice referred to in subsection (2) must be in such form and contain such information as may be agreed between the Authority and the Agency.
(4)
The Agency must, as soon as practicable upon receiving the notice referred to in subsection (2), publish a notice in the Gazette stating that a payment of compensation is to be made out of the DI Fund.