Singapore legislation
Regulation 11
Regulation 11
Disclosure requirements for insured policies
Subregulation 1
Every PPF Scheme member shall, in respect of every insured policy that it issues or offers, state clearly that the insured policy is covered under the PPF Scheme up to the limits prescribed in the Act in the marketing materials and the policy documents, whether in electronic, print or other form.
Subregulation 2
Where the statement required under paragraph (1) is in written form, the statement shall be clear and legible.
Subregulation 3
Any PPF Scheme member which contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 and, in the case of a continuing offence, to a further fine of $12,500 for every day or part thereof during which the offence continues after conviction.