Clause 2

by deleting the definition of “beneficiary” and substituting the following definition:“ “beneficiary” —

in relation to an insured policy which is covered under the PPF Life Fund or the PPF General Fund, means any person entitled to claim benefits under the terms of that insured policy; and

in relation to an accidental death insurance cover provided by a PPF Scheme member before the inception of an insured policy, means any person entitled to the accidental death benefit under the terms of the cover;”;

by deleting the words “, including any amount due at maturity,” in the definition of “coupon deposit”;

by inserting, immediately after the definition of “coupon deposit”, the following definition:“ “covered party” means —

an insured policy owner of an insured policy which is covered by the PPF Life Fund or the PPF General Fund (as the case may be);

the trustee of a trust of an insured policy which is covered by the PPF Life Fund or the PPF General Fund (as the case may be), in that capacity; or

a beneficiary in relation to —

an insured policy which is covered by the PPF Life Fund or the PPF General Fund (as the case may be); or

an accidental death insurance cover provided by a PPF Scheme member before the inception of an insured policy;”;

by deleting the definitions of “failed DI Scheme member” and “failed PPF Scheme member” and substituting the following definitions:“ “failed DI Scheme member” means a DI Scheme member in respect of which the Authority has made a determination that compensation is to be paid out of the DI Fund under section 21(1), and any reference to “failure” in relation to a DI Scheme member is to be construed accordingly;“failed PPF Scheme member” means a PPF Scheme member in respect of which the Authority has made a determination under section 46(1) that the PPF Life Fund or the PPF General Fund is to be utilised for one or more of the purposes mentioned in section 46(1A), and any reference to “failure” in relation to a PPF Scheme member is to be construed accordingly;”;

by deleting the definition of “quantification date” and substituting the following definition:“ “quantification date” means —

in the case of a DI Scheme member —

that is wound up by a court in Singapore, the date of commencement of winding up under the Companies Act (Cap. 50);

that is wound up by a court in a country or territory outside Singapore, the date of commencement of winding up under the law of that country or territory;

that is wound up by a court in Singapore and by a court in a country or territory outside Singapore, the date of commencement of winding up under the Companies Act;

that is wound up voluntarily in Singapore, the date of commencement of winding up under the Companies Act;

that is wound up voluntarily in a country or territory outside Singapore, the date of commencement of winding up under the law of that country or territory;

that is wound up voluntarily in Singapore and in a country or territory outside Singapore, the date of commencement of winding up under the Companies Act; or

in respect of which the Authority determines that compensation be paid out of the DI Fund under section 21(1) (whether the DI Scheme member is subsequently wound up or not), the date on which the notice of payment of compensation is published in the Gazette under section 21(4); and

in the case of a PPF Scheme member —

that is wound up by a court in Singapore, the date of commencement of winding up under the Companies Act;

that is wound up by a court in a country or territory outside Singapore, the date of commencement of winding up under the law of that country or territory;

that is wound up by a court in Singapore and by a court in a country or territory outside Singapore, the date of commencement of winding up under the Companies Act;

that is wound up voluntarily in Singapore, the date of commencement of winding up under the Companies Act;

that is wound up voluntarily in a country or territory outside Singapore, the date of commencement of winding up under the law of that country or territory;

that is wound up voluntarily in Singapore and in a country or territory outside Singapore, the date of commencement of winding up under the Companies Act;

that is a co‑operative society in respect of which the Registrar of Co‑operative Societies has made an order cancelling the registration of that society under section 89(1) of the Co‑operative Societies Act (Cap. 62), the date of the order; or

in respect of which the Authority has made a determination under section 46(1) that the PPF Life Fund or the PPF General Fund is to be utilised for one or more of the purposes mentioned in section 46(1A) (whether the PPF Scheme member is subsequently wound up or not), the date on which the notification of the Authority’s determination is published in the Gazette under section 46(4);”;

by deleting the word “means —” in the definition of “specified personal line insurance policy” and substituting the words “means any of the following policies of insurance issued to a natural person:”;

by deleting the word “or” at the end of paragraph (c) of the definition of “specified personal line insurance policy”; and

by inserting, immediately before the definition of “unclaimed moneys”, the following definitions:“ “trust”, in relation to an insured policy which is covered under the PPF Life Fund or the PPF General Fund, means —

any trust of the policy moneys created under section 49L(2) of the Insurance Act (Cap. 142);

any trust of the objects of the insured policy created under section 73 of the Conveyancing and Law of Property Act (Cap. 61);

any express trust created by the insured policy owner over the policy moneys; or

any resulting or constructive trust over the policy moneys;“trustee”, in relation to a trust, means a trustee of a trust in that capacity;”.