Singapore legislation
Clause 63
of Deposit Insurance and Policy Owners’ Protection Schemes Bill
Clause 63
Rules issued by Agency for DI Scheme and PPF Scheme
(1)
The Agency may issue, and in its discretion publish for information in the Gazette or in any other manner as it considers appropriate, Rules for any matter relating to any of its functions under this Act.
(2)
Without prejudice to the generality of subsection (1), such Rules may provide for —
the manner and method of collection of premium contributions, levies and late payment fees;
the manner of disclosure by DI Scheme members as to whether their products are insured deposits;
the manner of disclosure by PPF Scheme members as to whether their products are insured policies;
the particulars to be recorded in, or in respect of, books kept by DI Scheme members for the purpose of computing the amount of insured deposits placed with the DI Scheme members, and the particulars to be recorded in, or in respect of, books kept by PPF Scheme members for the purpose of confirming the insured policies issued by a PPF Scheme member;
the manner in which compensation is to be paid to insured depositors and persons referred to in section 22(7) from the DI Fund, insured policy owners from the PPF Life Fund and the PPF General Fund, and beneficiaries of insured policies which are covered under the PPF General Fund and provide third party benefits from the PPF General Fund;
the collection from any DI Scheme member by the Agency of any information in relation to its insured deposits and insured depositors, for the purpose of computing the amount of compensation which is to be paid to the insured depositors; and
the collection from any PPF Scheme member by the Agency of any information in relation to the insured policies, insured policy owners and beneficiaries of insured policies which are covered under the PPF General Fund and provide third party benefits, for the purpose of computing the amount of compensation which is to be paid to the insured policy owners or beneficiaries.
(3)
The Agency may, at any time, amend or revoke the whole or part of any Rule issued under this section.
(4)
Without limiting the operation of any other provision of this Act, the Rules shall bind the Agency, the DI Scheme members and the PPF Scheme members to the same extent as if the Rules had been contained in properly executed agreements on the part of the Agency and each DI Scheme member, or the Agency and each PPF Scheme member, as the case may be, to observe and comply with all the Rules.
(5)
For the avoidance of doubt, no person, other than the Agency, a DI Scheme member or a PPF Scheme member, shall have any right to enforce the observance of or compliance with any of the Rules where such Rule is relevant.
(6)
For the avoidance of doubt, any Rules issued under this section shall be deemed not to be subsidiary legislation.
(7)
No Rule issued by the Agency shall be inconsistent with any regulations made by the Authority under this Act and any such Rule which is so inconsistent shall, to the extent of inconsistency, be void.