Singapore legislation
Regulation 16
of Central Provident Fund (Home Protection Insurance Scheme) Regulations 2024
Regulation 16
Adjusted insurance cover
Subregulation 1
Where, in any case mentioned in paragraph (2), the Board decides to adjust a Scheme member’s insurance cover under the Scheme, the Board may —
issue an adjusted insurance cover to the Scheme member commencing on the relevant date; and
terminate the Scheme member’s existing insurance cover under the Scheme immediately before the relevant date.
Subregulation 2
In paragraph (1), “relevant date” means —
in a case where a Scheme member applies under regulation 25(b) to increase or reduce his or her insurance cover — the date the Board receives the Scheme member’s application under regulation 25(b);
in the case where there is an adjustment of a Scheme member’s housing loan (whether by partial repayment of the housing loan, or otherwise) —
the date the housing loan is adjusted; or
if the Board is unable to ascertain the exact date mentioned in sub‑paragraph (i) — a date specified by the Board; or
in any other case where there is a disparity between the insurance cover and the outstanding housing loan — a date specified by the Board.
Subregulation 3
If the Board terminates the Scheme member’s existing insurance cover under paragraph (1)(b), the Board must, subject to any terms and conditions that it may impose, make the applicable refund.
Subregulation 3A
Where, on a Scheme member’s application mentioned in paragraph (2)(a) to adjust his or her insurance cover under the Scheme —
the Board decides to adjust the Scheme member’s insurance cover on the condition that the Scheme member pays premium loading; but(b)the Scheme member does not agree to the condition within the time specified by the Board,the Board may —
refuse to adjust the Scheme member’s insurance cover; and
refuse to approve the Scheme member’s application under regulation 13(5) (if any) in relation to the Scheme member’s application to adjust his or her insurance cover.
Subregulation 4
To avoid doubt, despite an adjusted insurance cover being issued to a person on or after 1 March 2001, that person is deemed to be a Scheme member on 28 February 2001 for the purposes of regulations 3 and 7 if the person’s existing insurance cover —
started before 1 March 2001; and
did not cease before 1 March 2001.
Subregulation 5
To avoid doubt, this regulation applies whether the case mentioned in paragraph (2) arose before, on or after 1 April 2024.