Singapore legislation
Clause 48
of Deposit Insurance and Policy Owners’ Protection Schemes Bill
Clause 48
Entitlement to compensation for general business
(1)
Subject to subsection (2) and section 49, where an insured policy owner has one or more insured policies covered under the PPF General Fund issued by a failed PPF Scheme member, which —
is issued to the insured policy owner; or
is issued to the insured policy owner jointly with one or more other persons as joint policy owners,the insured policy owner shall be entitled to compensation from the PPF General Fund of the aggregate amount of the protected liabilities in respect of all such insured policies.
(2)
Where any of the insured policies referred to in subsection (1) is an insured policy covered under the PPF General Fund which provides third party benefits, the insured policy owner or any beneficiary or both shall be entitled to compensation from the PPF General Fund of the full amount of the protected liabilities in respect of such insured policy.