Care Shield Life and Long-Term Care Act 2019 · 2020 Revised Edition · Part 9 · Careshield Life and Eldershield Insurance Fund and Careshield Life Council
35. Establishment of CareShield Life and ElderShield Insurance Fund
Feedback & supportA fund called the CareShield Life and ElderShield Insurance Fund is established for the purposes of the CSHL Scheme and ESH Scheme, comprising —
Fund
“Fund” means the CareShield Life and ElderShield Insurance Fund established by section 35;
all premiums (including interest, costs and penalties under sections 23(1)(a), 27(3) and 29, respectively) and any other sums paid under the CSHL Scheme;
CSHL Scheme
“CSHL Scheme” means the severe disability insurance scheme called the CareShield Life Scheme established by section 5;
all premiums under the ESH Scheme paid on or after the transfer date, and any other sums paid under the ESH Scheme;
ESH Scheme
“ESH Scheme” means the severe disability insurance scheme called the ElderShield Scheme that is transferred by the private insurers to the Government;
all Government grants paid to the credit of the Fund for the purposes of the CSHL Scheme and ESH Scheme;
all gifts and donations given or made by any person for payment into the Fund, or to the Government or the Board for the purposes of the CSHL Scheme and ESH Scheme or for payment into the Fund;
Board
“Board” means the Central Provident Fund Board constituted under section 3 of the CPF Act;
all investments out of moneys in the Fund under section 36(4) and the proceeds of any such investments, including the net income from such investments; and
all moneys under the former ElderShield Scheme that are transferred to the Government on the transfer date.
former ElderShield Scheme
“former ElderShield Scheme” means the ElderShield Scheme approved by the Minister, that immediately before the transfer date was administered by the private insurers, for the purposes of allowing a person to purchase a severe disability insurance policy from a private insurer;