Singapore legislation
Regulation 3
of Central Provident Fund (Exemption for Protection of Benefits under Part V Assurance) Order 2007
Regulation 3
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 —
(a)
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
(b)
any interest payable for the advance.