Singapore legislation
Regulation 9
Regulation 9
Operational preparedness for payment of compensation
Subregulation 1
Every PPF Scheme member shall at all times have the capability to furnish to the Agency, in a secure manner, within such period and in such form and manner as may be specified by the Agency in the Rules, information which is requested for by the Agency for the purposes of making payment of compensation to insured policy owners or beneficiaries or both.
Subregulation 2
Every PPF Scheme member shall —
participate in any periodic exercise conducted by the Agency for the purpose of assessing whether the PPF Scheme member is sufficiently prepared in the event that the Authority determines that compensation is to be paid out of the PPF Life Fund or PPF General Fund to insured policy owners or beneficiaries or both; and
achieve the level of preparedness required by the Agency of all PPF Scheme members as may be specified in the Rules.
Subregulation 3
Any PPF Scheme member which contravenes paragraph (1) or (2) 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.
Subregulation 4
In this regulation, “in a secure manner”, in relation to any information, means that when dealing with the information, the PPF Scheme member shall comply with such requirements as may be specified in the Rules.