Singapore legislation
Clause 7
Clause 7
MediShield Life Fund
(1)
The MediShield Fund is renamed the MediShield Life Fund and is to be administered in accordance with this Act.
(2)
The MediShield Life Fund comprises —
all premiums (including interest, costs and penalties under sections 11(1)(a), 15(3) and 17, respectively) and any other sums paid under the Scheme;
all premiums under the MediShield Scheme paid on or after the date of commencement of this section;
all Government grants paid to the credit of the Fund for the purposes of the Scheme;
all gifts or donations given or made by any person for payment into the Fund, or to the Government or the Board for the purposes of the Scheme or for payment into the Fund;
all investments out of moneys in the Fund under subsection (5) and the proceeds of any such investments, including the net income from such investments;
all composition sums collected under section 24; and
all moneys in the MediShield Fund immediately before the date of the commencement of this section.
(3)
All payments under the Scheme are to be met from the Fund.
(4)
Any costs or expenses incurred in the administration or enforcement of the Scheme may be met from the Fund.
(5)
The Board may invest the moneys in the Fund in accordance with the standard investment power of statutory boards as defined in section 33A of the Interpretation Act (Cap. 1), except that the Board is subject to any general or specific directions from the Minister (instead of the Minister charged with the responsibility for the Board).
(6)
Every amount paid into or out of the MediShield Fund before the date of commencement of this section to defray any costs and expenses incurred for the purposes of the MediShield Scheme or the Scheme is taken to be and always to have been validly paid, and no legal proceedings are to lie or be instituted or maintained in any court of law on account of or in respect of any such payment.
(7)
The Board is not liable for any payment under the Scheme, or for any costs or expenses incurred in the administration or enforcement of the Scheme, by reason of anything done, purported to be done, or omitted to be done, by the Board in good faith and with reasonable care.