Medi Shield Life Scheme Act 2015 · 2020 Revised Edition · Part 2 · Medishield Life Scheme
7. MediShield Life Fund
Feedback & supportThe MediShield Fund is renamed the MediShield Life Fund and is to be administered in accordance with this Act.
MediShield Fund
“MediShield Fund” means the fund called the MediShield Fund referred to in section 56 of the CPF Act as in force immediately before 1 November 2015;
The MediShield Life Fund comprises —
Fund
“Fund” means the MediShield Life Fund referred to in section 7, and includes the MediShield Fund;
all premiums (including interest, costs and penalties under sections 11(1)(a), 15(3) and 17, respectively) and any other sums paid under the Scheme;
all premiums under the MediShield Scheme paid on or after 1 November 2015;
all Government grants paid to the credit of the Fund for the purposes of the Scheme;
all gifts or donations given or made by any person for payment into the Fund, or to the Government or the Board for the purposes of the Scheme or for payment into the Fund;
all investments out of moneys in the Fund under subsection (5) and the proceeds of any such investments, including the net income from such investments;
all composition sums collected under section 24; and
all moneys in the MediShield Fund immediately before 1 November 2015.
All payments under the Scheme are to be met from the Fund.
Scheme
“Scheme” means the medical insurance scheme called the MediShield Life Scheme referred to in section 3.
Any costs or expenses incurred in the administration or enforcement of the Scheme may be met from the Fund.
The Board may invest the moneys in the Fund in accordance with the standard investment power of statutory boards as defined in section 33A of the Interpretation Act 1965, except that the Board is subject to any general or specific directions from the Minister (instead of the Minister charged with the responsibility for the Board).
Board
“Board” means the Central Provident Fund Board constituted under section 3 of the CPF Act;
Every amount paid into or out of the MediShield Fund before 1 November 2015 to defray any costs and expenses incurred for the purposes of the MediShield Scheme or the Scheme is taken to be and always to have been validly paid, and no legal proceedings are to lie or be instituted or maintained in any court of law on account of or in respect of any such payment.
MediShield Scheme
“MediShield Scheme” means the medical insurance scheme called the MediShield Scheme referred to in section 53 of the CPF Act as in force immediately before 1 November 2015;
The Board is not liable for any payment under the Scheme, or for any costs or expenses incurred in the administration or enforcement of the Scheme, by reason of anything done, purported to be done, or omitted to be done, by the Board in good faith and with reasonable care.