Singapore legislation
Section 5
of Deposit Insurance and Policy Owners’ Protection Schemes Act 2011
Section 5
Membership of DI Scheme
(1)
Every full bank or finance company which is not exempted under section 6 is a DI Scheme member so long as it holds a valid licence under the Banking Act 1970 or the Finance Companies Act 1967, as the case may be.
(2)
Every full bank or finance company, which holds a valid licence under the Banking Act 1970 or the Finance Companies Act 1967 (as the case may be) immediately before 1 May 2011, is deemed to be a DI Scheme member from that date.
(3)
Every full bank or finance company, which is granted a licence under the Banking Act 1970 or the Finance Companies Act 1967 (as the case may be) on or after 1 May 2011, is a DI Scheme member from the date on which its licence is granted.