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
50. Restrictions on entitlement to compensation under PPF Scheme
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A person is not entitled to compensation under this Part in respect of an insured policy, or an accidental death insurance cover mentioned in section 48(2), if the Agency has, in respect of the insured policy or accidental death insurance cover, paid to —
insured policy
“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;
the insured policy owner;
insured policy owner
“insured policy owner” means the policy owner of an insured policy;
a trustee of a trust of the insured policy;
trustee
“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;
a beneficiary of the insured policy or the accidental death insurance cover;
the insured policy owner and a beneficiary of the insured policy or the accidental death insurance cover; or
a trustee of a trust of the insured policy and a beneficiary of the insured policy or the accidental death insurance cover,as the case may be, the full amount of compensation payable to the person or persons in accordance with this Act.
trust
“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;