48. Entitlement to compensation for life business — refund of premiums and claim under accidental death insurance cover

Terms defined in s 2

• covered party

  covered party

  Defined · s 2

  “covered party” means —(a)an insured policy owner of an insured policy which is covered by the PPF Life Fund or the PPF General Fund, as the case may be;(b)the trustee of a trust of an insured policy which is covered by the PPF Life Fund or the PPF General Fund (as the case may be), in that capacity; or(c)a beneficiary in relation to —(i)an insured policy which is covered by the PPF Life Fund or the PPF General Fund, as the case may be; or(ii)an accidental death insurance cover provided by a PPF Scheme member before the inception of an insured policy;

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• failed PPF Scheme member

  failed PPF Scheme member

  Defined · s 2

  “failed PPF Scheme member” means a PPF Scheme member in respect of which the Authority has made a determination under section 46(1) that the PPF Life Fund or the PPF General Fund is to be utilised for one or more of the purposes mentioned in section 46(2), and any reference to “failure” in relation to a PPF Scheme member is to be construed accordingly;

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• insured policy

  insured policy

  Defined · s 2

  “insured policy” means —(a)any life policy;(b)any accident and health policy;(c)any compulsory insurance policy; or(d)any specified personal line insurance policy which is a Singapore policy;

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• insured policy owner

  insured policy owner

  Defined · s 2

  “insured policy owner” means the policy owner of an insured policy;

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• PPF Life Fund

  PPF Life Fund

  Defined · s 2

  “PPF Life Fund” means the Policy Owners’ Protection Life Fund established under section 34(1)(a);

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• PPF Scheme member

  PPF Scheme member

  Defined · s 2

  “PPF Scheme member” means a member of the PPF Scheme;

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• quantification date

  quantification date

  Defined · s 2

  “quantification date” means —(a)in the case of a DI Scheme member —(i)that is wound up by a court in Singapore, the date of commencement of winding up under the Insolvency, Restructuring and Dissolution Act 2018;(ii)that is wound up by a court in a country or territory outside Singapore, the date of commencement of winding up under the law of that country or territory;(iii)that is wound up by a court in Singapore and by a court in a country or territory outside Singapore, the date of commencement of winding up under the Insolvency, Restructuring and Dissolution Act 2018;(iv)that is wound up voluntarily in Singapore, the date of commencement of winding up under the Insolvency, Restructuring and Dissolution Act 2018;(v)that is wound up voluntarily in a country or territory outside Singapore, the date of commencement of winding up under the law of that country or territory;(vi)that is wound up voluntarily in Singapore and in a country or territory outside Singapore, the date of commencement of winding up under the Insolvency, Restructuring and Dissolution Act 2018; or(vii)in respect of which the Authority determines that compensation be paid out of the DI Fund under section 21(1) (whether the DI Scheme member is subsequently wound up or not), the date on which the notice of payment of compensation is published in the Gazette under section 21(4); and(b)in the case of a PPF Scheme member —(i)that is wound up by a court in Singapore, the date of commencement of winding up under the Insolvency, Restructuring and Dissolution Act 2018;(ii)that is wound up by a court in a country or territory outside Singapore, the date of commencement of winding up under the law of that country or territory;(iii)that is wound up by a court in Singapore and by a court in a country or territory outside Singapore, the date of commencement of winding up under the Insolvency, Restructuring and Dissolution Act 2018;(iv)that is wound up voluntarily in Singapore, the date of commencement of winding up under the Insolvency, Restructuring and Dissolution Act 2018;(v)that is wound up voluntarily in a country or territory outside Singapore, the date of commencement of winding up under the law of that country or territory;(vi)that is wound up voluntarily in Singapore and in a country or territory outside Singapore, the date of commencement of winding up under the Insolvency, Restructuring and Dissolution Act 2018;(vii)that is a co-operative society in respect of which the Registrar of Co‑operative Societies has made an order cancelling the registration of that society under section 89(1) of the Co‑operative Societies Act 1979, the date of the order; or(viii)in respect of which the Authority has made a determination under section 46(1) that the PPF Life Fund or the PPF General Fund is to be utilised for one or more of the purposes mentioned in section 46(2) (whether the PPF Scheme member is subsequently wound up or not), the date on which the notification of the Authority’s determination is published in the Gazette under section 46(6);

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