Singapore legislation
Regulation 17
of Central Provident Fund (Home Protection Insurance Scheme) Regulations 2024
Regulation 17
Insurance cover for another property
Subregulation 1
The Board must, subject to any terms and conditions that it may impose, make the applicable refund if a Scheme member’s insurance cover under the Scheme in respect of any property ceases by virtue of section 30(2) of the Act on or after 1 April 2024.
Subregulation 2
Subject to paragraph (5A), paragraphs (3), (4) and (5) apply where —
a Scheme member is insured under the Scheme in respect of any property (called in paragraphs (3), (4) and (5) the firstmentioned property) when the Scheme member purchases another property (called in this paragraph and paragraphs (3), (4), (5) and (5A) the second-mentioned property); and (b)the Board permits the Scheme member to join the Scheme under section 31(2) of the Act in respect of the second‑mentioned property.
Subregulation 3
For the purpose of determining the premium payable under regulation 11 by a Scheme member mentioned in paragraph (2) for the insurance cover under the Scheme for the second‑mentioned property —
the “Term of Loan” in the Second Schedule is taken to be the shorter of the following periods:
the period that would have been the remainder of the term of the housing loan obtained for, or to finance or re‑finance, the purchase of the firstmentioned property, as determined with reference to the date of the commencement of the insurance cover under the Scheme in respect of the second‑mentioned property, had the Scheme member continued to be insured under the Scheme in respect of the firstmentioned property on that date;
the term of the housing loan obtained for, or to finance or re‑finance, the purchase of the second‑mentioned property; and
the “Age Next Birthday” in the Second Schedule is determined with reference to the date of commencement of the insurance cover under the Scheme for the second‑mentioned property.
Subregulation 4
Subject to regulation 13, the maximum amount for which the Scheme member mentioned in paragraph (2) may be insured under the Scheme in respect of the second‑mentioned property is the lower of —
the amount for which the Scheme member would have been insured under the Scheme in respect of the firstmentioned property on the date of the commencement of the insurance cover under the Scheme in respect of the second‑mentioned property, had the Scheme member continued to be insured under the Scheme in respect of the firstmentioned property on that date; or
the amount of the housing loan obtained for, or to finance or re‑finance, the purchase of the second‑mentioned property which the Scheme member is liable to repay.
Subregulation 5
Subject to regulation 13, for the purpose of determining the insured sum in respect of the second‑mentioned property, the “Term of Loan” in the Third Schedule is taken to be the shorter of the following periods:
the period that would have been the remainder of the term of the housing loan obtained for, or to finance or re‑finance, the purchase of the firstmentioned property, as determined with reference to the date of the commencement of the insurance cover under the Scheme in respect of the second‑mentioned property, had the Scheme member continued to be insured under the Scheme in respect of the firstmentioned property on that date; (b)the term of the housing loan obtained for, or to finance or re‑finance, the purchase of the second‑mentioned property.
Subregulation 5A
The Board may issue an insurance cover under the Scheme in respect of the second-mentioned property without applying paragraphs (3), (4) and (5) if the Board is satisfied that the terms and conditions (if any) imposed under section 31(2) of the Act on the issuance of the insurance cover adequately address the Scheme member’s assessed risk at the time of the issuance.
Subregulation 6
Subject to paragraph (9A), paragraphs (7), (8) and (9) apply where —
a Scheme member is insured under the Scheme in respect of any property (called in this paragraph and paragraphs (7), (8) and (9) the firstmentioned property) when the Scheme member purchases another property (called in this paragraph and paragraphs (7), (8), (9) and (9A) the second-mentioned property); (b)the Scheme member is insured under the Scheme in respect of a second‑mentioned property and the Scheme member’s insurance cover under the Scheme in respect of the firstmentioned property ceases under section 30(2) of the Act; and (c)the Board cancels the Scheme member’s insurance cover under the Scheme in respect of the second‑mentioned property and issues the Scheme member a new insurance cover under the Scheme in respect of the second‑mentioned property under regulation 18(2)(d).
Subregulation 7
For the purpose of determining the premium payable under regulation 11 by a Scheme member mentioned in paragraph (6) for the new insurance cover under the Scheme for the second‑mentioned property —
the “Term of Loan” in the Second Schedule is taken to be the shorter of the following periods:
the period that would have been the remainder of the term of the housing loan obtained for, or to finance or re‑finance, the purchase of the firstmentioned property, as determined with reference to the date of the commencement of the new insurance cover under the Scheme in respect of the second‑mentioned property, had the Scheme member continued to be insured under the Scheme in respect of the firstmentioned property on that date;
the term of the housing loan obtained for, or to finance or re‑finance, the purchase of the second‑mentioned property; and
the “Age Next Birthday” in the Second Schedule is determined with reference to the date of commencement of the new insurance cover under the Scheme for the second‑mentioned property.
Subregulation 8
Subject to regulation 13, the maximum amount for which the Scheme member mentioned in paragraph (6) may be insured under the Scheme in respect of the new insurance cover for the second‑mentioned property is the lower of —
the amount for which the Scheme member would have been insured under the Scheme in respect of the firstmentioned property on the date of the commencement of the new insurance cover under the Scheme in respect of the second‑mentioned property, had the Scheme member continued to be insured under the Scheme in respect of the firstmentioned property on that date; or
the amount of the housing loan obtained for, or to finance or re‑finance, the purchase of the second‑mentioned property which the Scheme member is liable to repay.
Subregulation 9
Subject to regulation 13, for the purpose of determining the insured sum in respect of the new insurance cover for the second‑mentioned property, the “Term of Loan” in the Third Schedule is taken to be the shorter of the following periods:
the period that would have been the remainder of the term of the housing loan obtained for, or to finance or re‑finance, the purchase of the firstmentioned property, as determined with reference to the date of the commencement of the new insurance cover under the Scheme in respect of the second‑mentioned property, had the Scheme member continued to be insured under the Scheme in respect of the firstmentioned property on that date;
the term of the housing loan obtained for, or to finance or re‑finance, the purchase of the second‑mentioned property.
Subregulation 9A
The Board may issue a new insurance cover under the Scheme in respect of the second-mentioned property under regulation 18(2)(d) without applying paragraphs (7), (8) and (9) if the Board is satisfied that the terms and conditions (if any) imposed under section 31(2) of the Act on the issuance of the new insurance cover adequately address the Scheme member’s assessed risk at the time of the issuance.
Subregulation 10
Despite regulation 28(1), regulations 11A(2), 12(1A) and 21(1A) of the revoked Regulations continue to apply instead of paragraphs (2) to (5) where a Scheme member’s insurance cover under the Scheme in respect of the firstmentioned property ceases by virtue of section 30(2) of the Act before 1 April 2024.