Central Provident Fund Act 1953 · 2020 Revised Edition · Part 5 · Dependants’ Protection Insurance Scheme
49A. Transfer of Board’s liabilities under Scheme
Feedback & supportThe Minister may make regulations to transfer the whole or any part of the Board’s liabilities under the Scheme (including the insurance covers issued under the Scheme that give rise to such liabilities) to one or more appointed insurers.
Board
“Board” means the Central Provident Fund Board constituted under section 3;
Without limiting subsection (1), regulations made under that subsection may —
prescribe the cases in which or the circumstances under which the Board continues to be liable to pay the insured sum in respect of insured persons whose insurance covers under the Scheme have been transferred to an appointed insurer;
provide for such consequential, saving and transitional provisions as are necessary to facilitate the transfer of the Board’s liabilities under the Scheme;
prescribe the necessary modifications to be made to any other provision of this Act in order to bring such provision into conformity with the transfer of the Board’s liabilities under the Scheme; and
provide for such other matters as the Minister thinks necessary or expedient for the transfer of the Board’s liabilities under the Scheme.
The Board may require any appointed insurer to transfer to another appointed insurer, in such manner and on such terms and conditions as the Board thinks fit, those liabilities of the Board under the Scheme that have been transferred to the firstmentioned appointed insurer under this section.
appointed insurer
“appointed insurer” means any person who is licensed under the Insurance Act 1966 to carry on insurance business in Singapore and who is appointed by the Board to take over the whole or any part of the Board’s liabilities under the Scheme or to provide insurance cover to any person under the Scheme;
The transfer of any liability under the Scheme —
Scheme
“Scheme” means the Lifelong Income Scheme established and maintained by the Board under section 27K.
by the Board to an appointed insurer under subsection (1); or
by one appointed insurer to another appointed insurer pursuant to the requirement of the Board under subsection (3),may be made, and is valid and effectual, despite anything to the contrary in any written law or rule of law or the absence of any agreement or consent which would otherwise be necessary.
If any question arises as to whether any particular liability of the Board under the Scheme has been transferred to an appointed insurer under this section, a certificate under the hand of the Minister is conclusive evidence that the liability was or was not so transferred.
An appointed insurer to whom the whole or any part of the Board’s liabilities under the Scheme have been transferred under this section must provide insurance cover to every transferred insured person in accordance with such requirements as may be specified by the Board, including requirements relating to —
insured person
“insured person” means a person who is insured under the Scheme;
the minimum benefits and rights that the appointed insurer must confer upon the person; and
the terms and conditions subject to which the appointed insurer may issue insurance cover to the person.