Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 · 2020 Revised Edition · Part 3 · Deposit Insurance Fund
9. Reconstitution of Deposit Insurance Fund
Feedback & supportLast amended by an amending law of 2017.
For the purposes of this Act, the Deposit Insurance Fund continues and is reconstituted in accordance with this Act.
deposit
“deposit” means a sum of money paid on terms —(a) under which it will be repaid, with or without interest or a premium, or with any consideration in money or money’s worth, either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it; and(b)which are not referable to the provision of property or services;
The following must be paid into the DI Fund:
DI Fund
“DI Fund” means the Deposit Insurance Fund reconstituted under section 9;
all premium contributions, additional premium contributions and late payment fees paid by DI Scheme members under this Act;
all moneys borrowed by the Agency for the purpose of performing its functions in respect of the DI Scheme under this Act;
all moneys recovered by the Agency from, or out of the assets of, failed DI Scheme members;
any interest, dividend and other income derived from the investment of the moneys in the DI Fund;
all moneys paid to or recovered by the Authority as a financial penalty under section 8;
all other moneys lawfully paid into the DI Fund.
The DI Fund must be used for the objects and purposes of the DI Scheme as provided in this Act.
DI Scheme
“DI Scheme” means the Deposit Insurance Scheme reconstituted under section 4;
The DI Fund may also be used to support a resolution measure in relation to a DI Scheme member.
resolution measure
“resolution measure” has the meaning given by section 98 of the Monetary Authority of Singapore Act 1970;
The DI Fund must, subject to the directions of the Minister, be controlled and administered by the Agency, and must be maintained by the Agency separately and apart from the PPF Life Fund and the PPF General Fund.
Agency
“Agency” means the company designated by the Minister under section 56 to be the deposit insurance and policy owners’ protection fund agency;
To avoid doubt, the DI Fund is not a fund of the Agency or the Authority.