In force2020 Revised Edition

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Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 · 2020 Revised Edition · Part 9 · Compensation and Use of Ppf Life Fund and Ppf General Fund

49. Joint insured policies

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(1)

Where there are 2 or more insured policy owners in respect of any insured policy, each of those insured policy owners is entitled, as at the quantification date, to compensation from the PPF Life Fund or the PPF General Fund, as the case may be.

(2)

For the purposes of determining the share of an insured policy owner in an insured policy under subsection (1), each insured policy owner holding such insured policy is deemed to have an equal share in the insured policy unless there is an express provision to the contrary in the books of the failed PPF Scheme member.

(3)

To avoid doubt, subsection (2) does not affect any rights as between the insured policy owners themselves.

Terms defined in s 2

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
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
Defined · s 2
“insured policy owner” means the policy owner of an insured policy;
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PPF General Fund
Defined · s 2
“PPF General Fund” means the Policy Owners’ Protection General Fund established under section 34(1)(b);
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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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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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