Singapore legislation

Clause 23

of Deposit Insurance and Policy Owners’ Protection Schemes (Amendment) Bill

Clause 23

Amendment of section 63

Section 63(2) of the principal Act is amended —

(a)

by deleting paragraph (e) and substituting the following paragraph:“(e)the manner in which compensation is to be paid to the following persons:

(i)

insured depositors and persons mentioned in section 22(7) from the DI Fund;

(ii)

any covered party from the PPF Life Fund and the PPF General Fund;”; and

(b)

by deleting paragraph (g) and substituting the following paragraph:“(g)the collection from any PPF Scheme member by the Agency of any information in relation to the insured policies and any covered party for the purpose of computing the amount of compensation that is to be paid to the covered party.”.