Singapore legislation

Clause 9

of Deposit Insurance and Policy Owners’ Protection Schemes Bill

Clause 9

Reconstitution of Deposit Insurance Fund

(1)

For the purposes of this Act, the Deposit Insurance Fund shall continue and be reconstituted in accordance with this Act.

(2)

There shall be paid into the DI Fund —

(a)

all premium contributions, additional premium contributions and late payment fees paid by DI Scheme members under this Act;

(b)

all moneys borrowed by the Agency for the purpose of performing its functions in respect of the DI Scheme under this Act;

(c)

all moneys recovered by the Agency from, or out of the assets of, failed DI Scheme members;

(d)

any interest, dividend and other income derived from the investment of the moneys in the DI Fund;

(e)

all moneys paid to or recovered by the Authority as a financial penalty under section 8; and

(f)

all other moneys lawfully paid into the DI Fund.

(3)

The DI Fund shall be used for the objects and purposes of the DI Scheme as provided in this Act.

(4)

The DI Fund shall, subject to the directions of the Minister, be controlled and administered by the Agency, and shall be maintained by the Agency separately and apart from the PPF Life Fund and the PPF General Fund.

(5)

For the avoidance of doubt, the DI Fund shall not be a fund of the Agency or the Authority.

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