Clause 15

by deleting the words “any insured policy owner in respect of his insured policy, or any beneficiary in the case of any insured policy which is covered under the PPF General Fund and provides third party benefits” in subsection (1) and substituting the words “any covered party”;

by deleting the word “or” at the end of subsection (1)(b);

by deleting paragraph (c) of subsection (1) and substituting the following paragraphs:“(c)the trustee of a trust of an insured policy; or

the person who received compensation on behalf of the insured policy owner, the trustee of a trust of an insured policy or the beneficiary,”;

by inserting, immediately before the words “the PPF General Fund” in subsection (1)(ii), the words “the PPF Life Fund or”;

by deleting the words “and (c)” in subsections (1)(iii) and (4) and substituting in each case the words “, (c) and (d)”;

by deleting the words “or (c)” in subsections (1) and (2) and substituting in each case the words “, (c) or (d)”;

by deleting subsection (3) and substituting the following subsection:“(3) For the purposes of subsection (1), where the Agency is unable to effect payment to any covered party (whether due to an incorrect or outdated address, a dormant account or any other reason beyond the reasonable control of the Agency), the Agency is treated as having made payment out of the PPF Life Fund or the PPF General Fund, as the case may be, of compensation under this Act to, or for the benefit of, the covered party, if the Agency makes payment of the compensation to the Public Trustee appointed under the Public Trustee Act (Cap. 260) to be held on trust for the covered party.”;

by deleting subsections (5) and (6) and substituting the following subsections:“(5) Despite any provision in the Companies Act or the Co‑operative Societies Act, the Agency is entitled —

in the case where a failed PPF Scheme member is wound up or dissolved, to be reimbursed out of the assets of the failed PPF Scheme member for the expenses incurred for or in respect of —

the payment of any compensation to any covered party, including any interest charged on moneys borrowed by the Agency for the purpose of making payment of any compensation under the PPF Scheme;

the lodging of any claim with the liquidator of the failed PPF Scheme member for any compensation that has been paid out to any covered party under the PPF Scheme;

any communication with any covered party and the public on, or relating to, the payment of any compensation to any covered party under the PPF Scheme; and

such other matters as may be prescribed by the Authority; or

in any other case, to be reimbursed by the failed PPF Scheme member or the provisional liquidator of the failed PPF Scheme member, as the case may be, for the expenses incurred for or in respect of —

the payment of any compensation to any covered party, including any interest charged on moneys borrowed by the Agency for the purpose of making payment of any compensation under the PPF Scheme;

the lodging of any claim with the provisional liquidator of the failed PPF Scheme member for any compensation that has been paid out to any covered party under the PPF Scheme;

any communication with any covered party and the public on, or relating to, the payment of any compensation to any covered party under the PPF Scheme; and

such other matters as may be prescribed by the Authority.(6) The Authority may by regulations —

provide for the manner, process or method by which the Agency may exercise its rights to be subrogated to the rights and remedies as set out in subsection (1); and

prescribe the matters mentioned in subsection (5)(a)(iv) and (b)(iv).”; and

by deleting the words “insured policy owners and beneficiaries” wherever they appear in subsection (7) and substituting in each case the words “any covered party”.