Singapore legislation
Regulation 24
of Central Provident Fund (Home Protection Insurance Scheme) Regulations 2024
Regulation 24
Applicable refund
Subregulation 1
Subject to paragraph (2), the amount of the applicable refund is as provided in the Fourth Schedule.
Subregulation 2
The amount of an applicable refund in relation to an insurance cover must not exceed an amount determined in accordance with the formula X – Y, where —
X is the premium paid for the insurance cover; and
Y is the total amount of all relevant refunds determined or paid by the Board for the insurance cover, before the amount of the applicable refund is determined by the Board.
Subregulation 3
In paragraph (2)(b), “relevant refunds” means the following refunds in respect of the insurance cover:
all the applicable refunds under regulation 7(2)(b), 14(1)(b), 15(1)(b), 16(3), 17(1), 18(3), 19(3)(b), 20(2) or 22(1) in respect of that insurance cover;
all refunds of premiums under regulation 22B or 22C of the revoked Regulations.
Subregulation 4
Subject to paragraph (5), the Board must credit the applicable refund to the Scheme member’s account in the Fund.
Subregulation 5
Where a CPF member has, under section 32(5) of the Act, paid the whole or part of the premium that a Scheme member is liable to pay under the Scheme —
the Board may, where it considers appropriate, deduct the amount of premium paid by the CPF member from the applicable refund and credit the amount to the CPF member’s account in the Fund; and
the Board must credit to the Scheme member’s account in the Fund any balance of the applicable refund.