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Subsidiary Legislation

Deposit Insurance and Policy Owners’ Protection Schemes (Policy Owners’ Protection) (Maximum Compensation) Regulations 2019

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Official textFrom Singapore Statutes Online, unchanged

reg 1Citation and commencement

These Regulations are the Deposit Insurance and Policy Owners’ Protection Schemes (Policy Owners’ Protection) (Maximum Compensation) Regulations 2019 and come into operation on 1 April 2019.

reg 2Maximum compensation prescribed in respect of personal motor insured policies

The maximum amount of compensation prescribed under section 48A(2) of the Act for all claims relating to damage to property of an insured policy owner of an insured policy which provides personal motor cover is an aggregate of $50,000 for the coverage term of that insured policy.

reg 3Maximum compensation prescribed in respect of personal property (structure and contents) insured policies

The maximum amount of compensation prescribed under section 48A(2) of the Act for all claims relating to damage to property of an insured policy owner, a beneficiary or both, of an insured policy which provides personal property (structure and contents) cover is an aggregate of $300,000 for the coverage term of that insured policy.