Singapore legislation
Regulation 12
of Central Provident Fund (Home Protection Insurance Scheme) Regulations 2024
Regulation 12
Payment of first premium
Subregulation 1
Subject to paragraphs (2) and (3), the first premium for an SP cover or the first premium for an AP cover is payable on —
the earliest of the following dates:
the date of commencement of the housing loan, if a loan document or mortgage instrument of the housing loan is executed before that date;
the date of the possession of the property by the CPF member; (iii)the date of withdrawal of any money standing to the credit of the CPF member in the Fund for repayment of any instalment of the housing loan, if a loan document or mortgage instrument of the housing loan is executed before that date; or
where the Board considers it appropriate in the particular circumstances, any other date specified by the Board.
Subregulation 2
Where the Board permits a person to join the Scheme (who would not otherwise be eligible to be a member of the Scheme), the first premium for the person’s insurance cover under the Scheme is payable on a date specified by the Board.
Subregulation 3
Where a Scheme member’s insurance cover under the Scheme is adjusted under regulation 16, the first premium for the adjusted insurance cover is payable on the relevant date for the adjusted insurance cover under regulation 16(2).
Subregulation 4
Subject to section 32 of the Act, premiums for insurance cover under the Scheme may be paid in any manner that the Board may approve.
Subregulation 5
In paragraph (1), “loan document” means any agreement or other document evidencing a housing loan.