Singapore legislation
Clause 8
of Deposit Insurance and Policy Owners’ Protection Schemes (Amendment) Bill
Clause 8
Amendment of section 35
Section 35(1) of the principal Act is amended —
by deleting the words “insured policy owners or beneficiaries” in paragraph (a)(iv) and substituting the words “any covered party”;
by deleting the word “and” at the end of paragraph (a)(v);
by inserting, immediately after sub‑paragraph (vi) of paragraph (a), the following sub‑paragraphs:“(vii)the termination of any insured policy issued by a failed PPF Scheme member; and
the raising and repayment of any loan for, or in connection with, any of the above expenses;”; and
by inserting, immediately after paragraph (b), the following paragraph:“(ba)the repayment of any moneys borrowed by the Agency for the purpose of performing its functions and the payment of any expenses and interest incurred in connection with the moneys borrowed;”.