Singapore legislation
Regulation 11
Regulation 11
Payment of compensation from Fund
Subregulation 1
Where an insured depositor is entitled to compensation in respect of moneys placed with a failed Scheme member under the CPFIS, the Agency may pay such compensation to the Central Provident Fund Board for the benefit of the insured depositor or into an equivalent account with another Scheme member in which the compensation is to be held in a manner equivalent to the manner of holding the original moneys.
Subregulation 2
Where an insured depositor is entitled to compensation in respect of an insured deposit held under a trust, the Agency may pay such compensation —
directly to the insured depositor; (b)into an account in the name of the insured depositor opened with another Scheme member; or (c)into an equivalent trust account held with another Scheme member.
Subregulation 3
Where an insured depositor is entitled to compensation in respect of an insured deposit held under a client account, the Agency may pay such compensation —
directly to the insured depositor; (b)into an account in the name of the insured depositor opened with another Scheme member; or (c)into an equivalent client account held with another Scheme member.