Singapore legislation
Section 51
of Deposit Insurance and Policy Owners’ Protection Schemes Act 2011
Section 51
Computation and method of payment of compensation under PPF Scheme
(1)
The Agency must compute in accordance with this Act the amount of compensation due to a covered party under an insured policy which is covered under the PPF Life Fund or the PPF General Fund issued by a failed PPF Scheme member.
(2)
The Agency is entitled to rely on the books of the failed PPF Scheme member, and any other books that the Agency thinks relevant, for the purpose of determining the eligibility of, the entitlement to, and the amount of compensation due to a covered party under an insured policy which is covered under the PPF Life Fund or the PPF General Fund that is issued by the failed PPF Scheme member.
(3)
Subject to subsection (4), the Agency must pay the compensation in such form and manner as may be specified in the Rules.
(4)
The Authority may make regulations for the purposes of payment of compensation by the Agency.
(5)
Without limiting subsection (4), such regulations may —
specify the person to whom, or the account into which, payment of compensation is to be made for the benefit of any covered party who is entitled to compensation under this Act; and
provide for the payment of compensation into an equivalent account with a financial institution and for such compensation to be held in that account in a manner equivalent to the manner of holding of the original insured policy.