Central Provident Fund Act 1953 · 2020 Revised Edition · Part 7A · Administrative Penalties
67B. Application to withdraw money from member’s medisave account by approved applicant
Feedback & supportLast amended by an amending law of 2016.
A person may not, on behalf of a member, submit a withdrawal application to the Board for the withdrawal of any sum standing to the member’s credit in the member’s medisave account unless the person is approved under subsection (2).
member
“member of the Fund” or “member” means any person to whose credit any amount is standing in the Fund, or for whom any account in the Fund is maintained for any of the purposes of this Act;
The Board may, with the concurrence of the Minister charged with the responsibility for health, approve a Medisave healthcare provider or an insurer to submit any withdrawal applications on such terms and conditions as the Board may require.
Board
“Board” means the Central Provident Fund Board constituted under section 3;
The Board may, at any time, order the audit of an approved applicant in such manner as it may direct.
approved applicant
“approved applicant” means a Medisave healthcare provider or an insurer which is approved —(a)under section 67B(2) to submit a withdrawal application on behalf of a member; or(b)before 31 December 2016, to submit a withdrawal application on behalf of any member;
Subject to subsection (6), the Board may, with the concurrence of the Minister charged with the responsibility for health, cancel the approval of an approved applicant, by the Board or on the approved applicant’s application.
Where the Board is considering the cancellation of the approval of an approved applicant, the Board may, before the approval is cancelled, suspend the submission of all or any withdrawal applications by the approved applicant.
If the Board imposes a financial penalty on an approved applicant under section 67C, the Board must not cancel the approval of the approved applicant until after —
the disposal of any appeal against the imposition of the financial penalty and interest for late payment (if any) in accordance with regulations made under section 77(1)(rb); and
the approved applicant has paid the financial penalty and any interest for late payment that the approved applicant is liable to pay.