Singapore legislation

Clause 11

of Central Provident Fund (Amendment) Bill

Clause 11

Amendment of section 45

In the principal Act, in section 45 —

(a)

replace subsection (2) with —“(2) Despite anything in this Act but subject to subsection (4), the Board is entitled to deduct the whole or any part of a premium payable by an insured person from the moneys standing to the credit of the insured person in any of his or her accounts in the Fund.(2A) For the purposes of subsection (2), the deduction may be made from different accounts in the Fund for different classes of members or a particular member.”; and

(b)

replace subsection (4) with —“(4) Where any premium payable by an insured person under the Scheme is not paid in the manner or within the time prescribed by regulations made under section 51, either or both of the following apply:

(a)

the Board or appointed insurer may deduct the unpaid amount (in whole or in part) from any payment for an insured sum that the Board or appointed insurer (as the case may be) may make under the Scheme under section 49;

(b)

the unpaid amount (in whole or in part) may be paid in such other manner and within such time as the Board may allow.”.