In forceAmended2020 Revised Edition

Contents

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

51. Computation and method of payment of compensation under PPF Scheme

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Amended

Last amended by an amending law of 2018.

(1)

The Agency must compute in accordance with this Act the amount of compensation due to a covered party under an insured policy which is covered under the PPF Life Fund or the PPF General Fund issued by a failed PPF Scheme member.

(2)

The Agency is entitled to rely on the books of the failed PPF Scheme member, and any other books that the Agency thinks relevant, for the purpose of determining the eligibility of, the entitlement to, and the amount of compensation due to a covered party under an insured policy which is covered under the PPF Life Fund or the PPF General Fund that is issued by the failed PPF Scheme member.

(3)

Subject to subsection (4), the Agency must 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 limiting 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 any covered party who is entitled to compensation under this Act; and

(b)

provide for the payment of compensation into an equivalent account with a financial institution and for such compensation to be held in that account in a manner equivalent to the manner of holding of the original insured policy.

Terms defined in s 2

Agency
Defined · s 2
“Agency” means the company designated by the Minister under section 56 to be the deposit insurance and policy owners’ protection fund 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 1970;
Open s 2
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;
Open 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;
Open s 2
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;
Open s 2
PPF General Fund
Defined · s 2
“PPF General Fund” means the Policy Owners’ Protection General Fund established under section 34(1)(b);
Open s 2
PPF Life Fund
Defined · s 2
“PPF Life Fund” means the Policy Owners’ Protection Life Fund established under section 34(1)(a);
Open s 2
Rules
Defined · s 2
“Rules” means any rules issued by the Agency under section 63;
Open s 2