Singapore legislation
Regulation 9
of Central Provident Fund (Home Protection Insurance Scheme) Regulations 2024
Regulation 9
Payment of annual premiums
Subregulation 1
The first premium for a member’s AP cover is payable on the date prescribed by regulation 12(1), (2) or (3), as the case may be.
Subregulation 2
The premium for each subsequent policy year of an AP cover is payable annually at the beginning of each policy year, or within any further time that the Board may allow.
Subregulation 3
If a Scheme member fails to pay the annual premium for any subsequent policy year of AP cover in accordance with paragraph (2), the Scheme member’s cover under the Scheme is not renewed.
Subregulation 4
Where the Board approves the Scheme member’s application to renew the Scheme member’s AP cover for a subsequent policy year despite paragraph (3) and deducts or accepts the annual premium for the subsequent policy year, the Scheme member’s AP cover continues under regulation 8(2), subject to any terms and conditions that the Board may impose.
Subregulation 5
The Board may deduct or accept the premium for an AP cover after the date it is payable under paragraph (1) or (2), as the case may be —
only if the Board is satisfied that there is a reasonable excuse for the failure to pay the premium on or before that date; and
even if the member who is insured or to be insured under the AP cover is not in good health or is incapacitated or has died.
Subregulation 6
Every application made under regulation 14(4) of the revoked Regulations pending immediately before 1 April 2024 is deemed to be an application mentioned in paragraph (4).