Singapore legislation
Regulation 31
of Central Provident Fund (Investment Schemes) Regulations 2000
Regulation 31
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 special 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
An application made by a member under paragraph (1) may be approved subject to such terms, conditions and procedures as the Board may impose.
Subregulation 3
Subject to paragraph (4), upon the maturity or surrender of the insurance policy or the investment‑linked insurance policy purchased or maintained by a member under this regulation, all moneys payable to the member must be transferred forthwith by the approved insurer to the member’s special account.
Subregulation 4
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the insurance policy or investment‑linked insurance policy is withdrawn from the investment scheme introduced under this regulation, and is to be dealt with in accordance with the applicable regulations;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 (3) to transfer the moneys payable to the member under that insurance policy or investment‑linked insurance policy to the member’s special account;
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 5
In paragraph (4), “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.