Singapore legislation

Regulation 2

of Central Provident Fund (Exemption for Protection of Benefits under Part V Assurance) Order 2007

Regulation 2

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 —

(a)

any premium of the assurance which is in arrears after any grace period, so as to protect the benefits under the assurance; and

(b)

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).

Definition

“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 —

(a)

any premium of the assurance which is in arrears after any grace period, so as to protect the benefits under the assurance; and

(b)

any interest payable for the advance;

Definition

“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).

Read in full context — Central Provident Fund (Exemption for Protection of Benefits under Part V Assurance) Order 2007 →