In forceAmended2020 Revised Edition

Contents

Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 · 2020 Revised Edition · Part 1 · Preliminary

3. Meanings of “insured deposit base” and “relevant insured deposits”

Amended

Last amended by an amending law of 2016.

(1)

In this Act, unless the context otherwise requires, “insured deposit base”, in relation to a DI Scheme member, means the aggregate of the amount of every relevant insured deposit of all the insured depositors of the DI Scheme member.

(2)

In subsection (1), “relevant insured deposits”, in relation to an insured depositor of a DI Scheme member, means —

(a)

the aggregate of the amounts, not exceeding the Maximum DI Coverage, of insured deposits placed with the DI Scheme member which —

(i)

are held by that insured depositor in the insured depositor’s own right;

(ii)

are held by that insured depositor in the insured depositor’s own right jointly with one or more persons in a joint account;

(iii)

where the insured depositor is a sole-proprietor, are held in the name of the sole-proprietorship; and

(iv)

consist of moneys denominated in Singapore dollars placed with the failed DI Scheme member under the Supplementary Retirement Scheme;

(b)

the amount, not exceeding the Maximum DI Coverage, of insured deposits held by that insured depositor as a trustee under a trust in every account opened with the DI Scheme member;

(c)

the amount, not exceeding the Maximum DI Coverage, of insured deposits held by that insured depositor in every client account opened with the DI Scheme member;

(d)

any moneys denominated in Singapore dollars placed by that insured depositor with the DI Scheme member under the CPFIS and CPFRS, not exceeding the Maximum DI Coverage; and

(e)

the amount, not exceeding the Maximum DI Coverage, of one or more prescribed products held by that insured depositor and placed with the DI Scheme member, which the Minister has, by order in the Gazette, determined that it or they must not be aggregated with any of the insured deposits under paragraphs (a), (b), (c) and (d) and must be subject to separate coverage under the DI Scheme of an amount not exceeding the Maximum DI Coverage, whether on its own or in aggregation with other prescribed products.

(3)

For the purposes of subsection (2) —

(a)

a reference to an insured deposit includes a reference to part of the insured deposit;

(b)

where an insured depositor holds an insured deposit in the insured depositor’s own right jointly with one or more persons in a joint account, each of them, whether or not each of them is an insured depositor, is deemed to have an equal share in the insured deposit unless there is an express provision to the contrary in the books of the DI Scheme member;

(c)

where there are 2 or more insured depositors holding any insured deposit in an account under a trust or a client account jointly, each of them is deemed to have an equal interest in the insured deposit; and

(d)

where the Minister does not make the determination referred to in subsection (2)(e) in respect of any prescribed product, that prescribed product must be aggregated with the insured deposits referred to in subsection (2)(a).

Terms defined in s 2

client account
Defined · s 2
“client account”, in relation to an insured depositor, means an account maintained by the insured depositor with a DI Scheme member for the purpose of holding moneys by the insured depositor for a client of the insured depositor, whether or not other moneys may be held in that account;
Open s 2
CPFIS
Defined · s 2
“CPFIS” means the Central Provident Fund Investment Scheme introduced by the Central Provident Fund Board under the Central Provident Fund (Investment Schemes) Regulations;
Open s 2
CPFRS
Defined · s 2
“CPFRS” means any Retirement Sum Scheme established under any regulations made under section 77(1) of the Central Provident Fund Act 1953;
Open s 2
DI Scheme
Defined · s 2
“DI Scheme” means the Deposit Insurance Scheme reconstituted under section 4;
Open s 2
DI Scheme member
Defined · s 2
“DI Scheme member” means a member of the DI Scheme;
Open s 2
failed DI Scheme member
Defined · s 2
“failed DI Scheme member” means a DI Scheme member in respect of which the Authority has made a determination that compensation is to be paid out of the DI Fund under section 21(1), and any reference to “failure” in relation to a DI Scheme member is to be construed accordingly;
Open s 2
insured deposit
Defined · s 2
“insured deposit” has the meaning given in the First Schedule;
Open s 2
insured deposit base
Defined · s 2
“insured deposit base” has the meaning given by section 3;
Open s 2
insured depositor
Defined · s 2
“insured depositor” means any person who is not an excluded person and is entitled to the repayment of any insured deposit, whether or not the insured deposit is made by the person, and includes —(a)in the case of a deposit held by a trustee under a trust, the trustee; and(b)to avoid doubt, in the case of a deposit held by a depositor in a client account, the depositor;
Open s 2
Maximum DI Coverage
Defined · s 2
“Maximum DI Coverage” has the meaning given in the First Schedule;
Open s 2
prescribed product
Defined · s 2
“prescribed product” means any product which is prescribed by the Authority as an insured deposit under the First Schedule;
Open s 2
relevant insured deposits
Defined · s 2
“relevant insured deposits” has the meaning given by section 3;
Open s 2
Supplementary Retirement Scheme
Defined · s 2
“Supplementary Retirement Scheme” has the meaning given by section 2(1) of the Income Tax Act 1947;
Open s 2
trust
Defined · s 2
“trust”, in relation to an insured policy which is covered under the PPF Life Fund or the PPF General Fund, means —(a)any trust of the policy moneys created under section 132(2) of the Insurance Act 1966;(b)any trust of the objects of the insured policy created under section 73 of the Conveyancing and Law of Property Act 1886;(c)any express trust created by the insured policy owner over the policy moneys; or(d)any resulting or constructive trust over the policy moneys;
Open s 2
trustee
Defined · s 2
“trustee”, in relation to a resolution fund, means the entity appointed under section 99(2) of the Monetary Authority of Singapore Act 1970 as the trustee of the resolution fund;
Open s 2