Regulation 1
Citation
This Order is the Central Provident Fund (Exemption for Protection of Benefits under Part V Assurance) Order 2007.
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Central Provident Fund (Exemption for Protection of Benefits under Part V Assurance) Order 2007 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation CPFA-OR8 1953, currently marked in force and first recorded in 1953.
Citation
This Order is the Central Provident Fund (Exemption for Protection of Benefits under Part V Assurance) Order 2007.
Definitions
In this Order —“automatic premium loan feature” means a feature in a life or endowment assurance which allows the issuer of the assurance to advance and set‑off, against any cash value of the assurance, an amount for the payment of —
any premium of the assurance which is in arrears after any grace period, so as to protect the benefits under the assurance; and
any interest payable for the advance;“Part V Assurance” means a life or endowment assurance effected under Part V of Statute 18 (as defined in section 18(7) of the National University of Singapore (Corporatisation) Act 2005).
“automatic premium loan feature” means a feature in a life or endowment assurance which allows the issuer of the assurance to advance and set‑off, against any cash value of the assurance, an amount for the payment of —
any premium of the assurance which is in arrears after any grace period, so as to protect the benefits under the assurance; and
any interest payable for the advance;
“Part V Assurance” means a life or endowment assurance effected under Part V of Statute 18 (as defined in section 18(7) of the National University of Singapore (Corporatisation) Act 2005).
Exemption
Section 24(2) of the Act and regulation 6 of the Central Provident Fund (Investment Schemes) Regulations 2000 do not apply to a member, in respect of any Part V Assurance held by him or her which has an automatic premium loan feature, only to the extent that the issuer of the Part V Assurance may advance and set‑off (under the automatic premium loan feature), against any cash value of the Part V Assurance, an amount for the payment of —
any premium of the Part V Assurance which is in arrears after any grace period, so as to protect the benefits under the Part V Assurance; and
any interest payable for the advance.
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