Singapore legislation
Regulation 6
Regulation 6
Minimum levy
Subregulation 1
Subject to paragraphs (2) and (3), for any premium year, a PPF Scheme member shall pay a minimum levy of $2,500 in respect of insured policies covered under the PPF Life Fund and $2,500 in respect of insured policies covered under the PPF General Fund.
Subregulation 2
In the case where —
a relevant insurer becomes a PPF Scheme member during the course of a premium year; or
an exemption from the requirement to be a PPF Scheme member granted to a relevant insurer pursuant to section 32 of the Act is withdrawn during the course of a premium year,the minimum levy that the relevant insurer shall pay in respect of the PPF Life Fund and the PPF General Fund each, respectively, shall be pro-rated according to the number of months, or any part thereof, remaining for that premium year.
Subregulation 3
Where a PPF Scheme member is a relevant insurer registered to carry on insurance business under the Insurance Act (Cap. 142) immediately before the effective date, the minimum levy that the PPF Scheme member shall pay in respect of each of the PPF Life Fund and the PPF General Fund for the first premium year shall be pro-rated according to the number of months, or any part thereof, comprised in the first premium year.