Singapore legislation
Clause 10
Clause 10
Repeal and re-enactment of section 47 and new sections 48 and 48A
Section 47 of the principal Act is repealed and the following sections substituted therefor:“Period of cover47.—
Where the prescribed premium payable under the Scheme has been paid or deducted from an insured person’s contributions under section 45, that person shall be covered under the Scheme by an appointed insurer assigned by the Board from the date of such payment or deduction for a period of 12 months after the date of commencement of his insurance cover.(2) Subject to the provisions of this Part, the insurance cover under the Scheme shall be renewed annually in accordance with the prescribed requirements.Rights and benefits under Scheme not assignable or transferable
48. The rights and benefits of an insured person arising from his insurance cover under the Scheme shall not be assignable or transferable.Insurance policy under Scheme not to create trust48A.—
A policy of insurance issued under the Scheme shall not be deemed to create any legal or equitable trust.(2) Section 73 of the Conveyancing and Law of Property Act (Cap. 61) shall not apply to any policy of insurance issued under the Scheme.”.