Singapore legislation
Regulation 16
of Central Provident Fund (Investment Schemes) Regulations 2000
Regulation 16
Insurance policies and investment‑linked insurance policies
Subregulation 1
A member who wishes to use the whole or part of the available amount in the member’s ordinary account to purchase an insurance policy or investment‑linked insurance policy for himself or herself from an approved insurer must apply to the Board to withdraw the amount required.
Subregulation 2
Where a member has, before 1 October 1993, purchased an insurance policy or investment‑linked insurance policy with moneys other than the member’s CPF contributions, the member may apply to the Board to use the whole or part of the available amount in the member’s ordinary account to pay the future premiums in respect of the policy.
Subregulation 3
Where a member has at any time purchased an insurance policy or investment‑linked insurance policy with the member’s CPF contributions, the member may apply to the Board to use the whole or part of the available amount in the member’s ordinary account to pay the future premiums in respect of the policy, even though the member has applied for a loan, or is receiving moneys, from the Government pursuant to any approved loan scheme under section 14A of the Act.
Subregulation 4
An application made by a member under paragraph (1), (2) or (3) may be approved subject to such terms, conditions and procedures as the Board may impose.
Subregulation 5
Subject to paragraph (6), upon the maturity or surrender of an insurance policy or investment‑linked insurance policy purchased or maintained by a member under this regulation —
if the whole of every premium in respect of the policy was paid with the member’s CPF contributions, all moneys payable to the member; or
if the whole or any part of any premium in respect of the policy was paid with moneys other than the member’s CPF contributions, the percentage of the moneys payable to the member which corresponds to the percentage of all premiums in respect of the policy paid with the member’s CPF contributions,must be transferred forthwith by the approved insurer to the CPF Investment Account of the member.
Subregulation 6
When the Board approves an insurance policy or investment‑linked insurance policy purchased or maintained by a member under this regulation for the purposes of section 15AA(3)(b) of the Act or a former provision, the following apply:
the insurance policy or investment‑linked insurance policy is withdrawn from the investment scheme introduced under this regulation, and is to be dealt with in accordance with the applicable regulations;
the approved insurer ceases to be liable under paragraph (5) to transfer the moneys payable to the member under that insurance policy or investment‑linked insurance policy to the CPF Investment Account of the member;
subject to the applicable regulations, the member ceases to be obliged to repay to the Fund any proceeds or benefits of that insurance policy or investment‑linked insurance policy.
Subregulation 7
In paragraph (6), “applicable regulations” means such of the following regulations as may be applicable to the member mentioned in that paragraph:
the Central Provident Fund (Retirement Sum Scheme) Regulations 1988;
the Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995;
the Central Provident Fund (New Retirement Sum Scheme) Regulations 2004.