In forceAmended2020 Revised Edition

Contents

Central Provident Fund Act 1953 · 2020 Revised Edition · Part 4 · Home Protection Insurance Scheme

32. Premium

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Amended

Last amended by an amending law of 2024. 2 amendments in all.

(1)

Every member of the Scheme must pay a premium of an amount prescribed by regulations made under this Part.

(2)

Despite anything in this Act, the Board is entitled to deduct the amount of the premium payable by a member of the Scheme from the contributions standing to the credit of that member in the Fund and where any such deduction has been made by the Board, the Board must as soon as practicable give to the member concerned written notice to that effect.

(3)

The deduction referred to in subsection (2) has priority to the deductions which the Board is authorised to make under all other provisions of this Act except section 27B.

(4)

Where any premium payable by a Scheme member is not paid in the manner or within the time prescribed by regulations made under section 39, either or both of the following apply:

(a)

the Board may deduct the unpaid amount (in whole or in part) from any payment from the insured sum which the Board may make under the Scheme under section 36(1), (2) or (6);

(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.

(5)

Where a joint owner of an immovable property is insured under the Scheme, the Board may (on such terms and conditions as the Board may impose) permit such other joint owner of the immovable property to use his or her contributions in the Fund to pay for the whole or part of the premium which the firstmentioned joint owner is liable to pay under the Scheme.

(6)

The other joint owner referred to in subsection (5) —

(a)

need not be insured under the Scheme; and

(b)

must satisfy such other criteria as the Board may determine.