Singapore legislation
Clause 16
of Deposit Insurance and Policy Owners’ Protection Schemes (Amendment) Bill
Clause 16
Amendment of section 53
Section 53 of the principal Act is amended —
(a)
by deleting paragraphs (a) and (b) of subsection (1) and substituting the following paragraph:“(a)any compensation paid to, or for the benefit of, any covered party is in excess of what ought to have been paid to the covered party under this Act; or”; and
(b)
by deleting the words “insured policy owners or the beneficiaries in the case where the insured policies are covered under the PPF General Fund and provides third party benefits” in subsection (4)(a) to (d) and substituting in each case the words “covered party”.