Singapore legislation
Section 35
of Deposit Insurance and Policy Owners’ Protection Schemes Act 2011
Section 35
Withdrawal and application of moneys of PPF Life Fund and PPF General Fund
(1)
In carrying out the objects and purposes of the PPF Scheme, the moneys in the PPF Life Fund and the PPF General Fund may be withdrawn and applied as the Agency considers proper for all or any of the following purposes only:
all expenses incurred in or incidental to —
the establishment and maintenance of the PPF Scheme;
the administration and management of the PPF Life Fund and the PPF General Fund;
the administration and management of the Agency and the performance of the duties and functions of the Agency in respect of the PPF Scheme under this Act;
the conduct of any investigation by the Agency for the purpose of determining the entitlement of any covered party to any compensation;
the transfer of the whole or part of the insurance business of a failed PPF Scheme member to another insurer; (vi)the run-off of the insurance business of a failed PPF Scheme member;
the termination of any insured policy issued by a failed PPF Scheme member; and
the raising and repayment of any loan for, or in connection with, any of the above expenses;
the payment of any fees to agents appointed by the Agency for the purposes of carrying out any services in respect of the PPF Scheme under this Act;
the repayment of any moneys borrowed by the Agency for the purpose of performing its functions and the payment of any expenses and interest incurred in connection with the moneys borrowed;
the withdrawal of all other moneys authorised or determined to be paid out of the PPF Life Fund and the PPF General Fund in accordance with this Act.
(2)
Despite subsection (1), the Authority may recover from the Agency out of the PPF Life Fund and the PPF General Fund, all expenses incurred by the Authority in the establishment of the Agency and in connection with the discharge of the functions and responsibilities of the Authority under sections 38, 39 and 40.