Singapore legislation
Regulation 19
of Central Provident Fund (Home Protection Insurance Scheme) Regulations 2024
Regulation 19
Exemption of CPF member from Scheme
Subregulation 1
The Board may, on an application by a CPF member who is required to be insured under the Scheme in respect of a housing loan for property, exempt the CPF member from the Scheme under section 29(4) of the Act if the Board is satisfied that —
there is in force an appropriate policy of insurance and —
the amount payable under the policy is sufficient to discharge the housing loan which the CPF member declares to the Board as the CPF member’s liability for repayment in the event of the CPF member’s death or incapacity; or
the housing loan which the CPF member declares to the Board as the CPF member’s liability for repayment in the event of the CPF member’s death or incapacity does not exceed the amount payable under the policy by more than $3,000 or such other amount as the Minister may direct; (b)the amount of the housing loan does not exceed $3,000 or any other amount that may be determined from time to time by the Minister and the housing loan will be repaid in 2 years or any other period that the Minister may direct; or
the CPF member is not using the moneys standing to his or her credit in the Fund to repay any instalment of the housing loan.
Subregulation 2
An exemption under section 29(4) of the Act starts on a date specified by the Board.
Subregulation 3
Where a CPF member is already insured under the Scheme when an exemption is granted to the CPF member under section 29(4) of the Act —
the existing insurance cover is cancelled or terminated (as the case may be) with effect from the date on which the exemption starts under paragraph (2); and
the Board must, subject to any terms and conditions that it may impose, make the applicable refund.
Subregulation 4
The Board may revoke an exemption granted to a CPF member under paragraph (1) and require the CPF member to be insured under the Scheme based on the percentage of the housing loan which the CPF member declares as his or her liability for repayment if, at any time after the start of the exemption —
the policy of insurance mentioned in paragraph (1)(a) is no longer in force or is insufficient to discharge the percentage of the housing loan which the CPF member declares as his or her liability for repayment; or
an application to use any moneys standing to the CPF member’s credit in the Fund to repay any instalment of housing loan is approved.