36. Computation and method of payment of compensation

(1)

The Agency shall compute the amount of compensation due to an insured depositor in respect of his insured deposits placed with a failed Scheme member in accordance with this Act.

(2)

In determining the eligibility and entitlement of an insured depositor to compensation and computing the amount of compensation due to an insured depositor, the Agency is entitled to rely on the books of the failed Scheme member and any other books which, in the opinion of the Agency, are relevant for such computation.

(3)

Subject to subsection (4), the Agency shall pay the compensation in such form and manner as may be specified in the Rules.

(4)

The Authority may make regulations for the purposes of payment of compensation by the Agency.

(5)

Without prejudice to the generality of subsection (4), such regulations may —

(a)

specify the person to whom, or the account into which, payment of compensation is to be made for the benefit of an insured depositor who is entitled to compensation under this Act;

(b)

provide for the payment of compensation in respect of a depositor holding insured deposits in different accounts; and

(c)

provide for the payment of compensation into an equivalent account with another Scheme member and for such compensation to be held in that account in a manner equivalent to the manner of holding of the original insured deposit.

Terms defined in s 2

Agency
Defined · s 2
“Agency” or “deposit insurance agency” means the company designated by the Minister under section 12 to be the deposit insurance agency;
Open s 2
Authority
Defined · s 2
“Authority” means the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act;
Open s 2
depositor
Defined · s 2
“depositor” means any person who is entitled to repayment of a deposit, whether or not the deposit is made by him;
Open s 2
failed Scheme member
Defined · s 2
“failed Scheme member” means a Scheme member in respect of which the Authority has determined that compensation will be paid out of the Fund to insured depositors;
Open s 2
insured deposit
Defined · s 2
“insured deposit” has the meaning as specified in the First Schedule;
Open s 2
insured depositor
Defined · s 2
“insured depositor” means any of the following depositors: (a)an individual, except an individual who places a deposit in an account with a Scheme member in the name of a partnership or sole proprietorship;(b)a charity as defined in section 2(1) of the Charities Act, which is —(i)registered under section 5 of that Act;(ii)specified in the Schedule to that Act; or(iii)excepted by regulations made under that Act;(c)such other person or class of persons as may be prescribed,and includes —(i)in the case of a deposit held by a trustee under a trust, a beneficiary of the trust who is a person specified in paragraph (a), (b) or (c) or the estate of a deceased person; and(ii)in the case of a deposit held by a depositor in a client account, the depositor’s client who is a person specified in paragraph (a), (b) or (c) and whose moneys are held in the client account;
Open s 2
Rules
Defined · s 2
“Rules” means any rules issued by the Agency under section 19;
Open s 2
Scheme member
Defined · s 2
“Scheme member” means a member of the Scheme;
Open s 2

Report

Read on from s 37

Schedules

Read on from Schedules