Singapore legislation
Clause 10
Clause 10
Nature of rights and benefits under Scheme
(1)
The rights and benefits of an insured person arising from the insured person’s insurance cover under the Scheme are not assignable or transferable.
(2)
A policy of insurance issued under the Scheme does not create any legal or equitable trust.
(3)
Section 73 of the Conveyancing and Law of Property Act (Cap. 61) and section 49L of the Insurance Act (Cap. 142) do not apply to any policy of insurance issued under the Scheme.
(4)
The Insurance Act does not apply to the Scheme or anything done under this Act.