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Payment of compensation from PPF Life Fund or PPF General Fund

Deposit Insurance and Policy Owners’ Protection Schemes (Policy Owners’ Protection Scheme) Regulations 2011

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Proposed text

—(1) Where an insured policy owner is entitled to compensation in respect of an insured policy issued by a failed PPF Scheme member under the CPFIS, the Agency shall pay such compensation to —(a)in a case where the premiums of the insured policy were paid using money in the ordinary account of the insured policy owner, an approved agent bank; or(b)in a case where the premiums of the insured policy were paid using money in the special account of the insured policy owner, the Central Provident Fund Board.(2) For the purposes of paragraph (1) —(a)where an approved agent bank receives compensation under paragraph (1)(a), it shall handle the compensation in accordance with the Central Provident Fund (Investment Schemes) Regulations (Cap. 36, Rg 9) as if it is money payable to the insured policy owner for the maturity or surrender of an insured policy purchased or maintained by the insured policy owner under regulation 16 of the Central Provident Fund (Investment Schemes) Regulations; and(b)where the Central Provident Fund Board receives compensation under paragraph (1)(b), it shall handle the compensation in accordance with the Central Provident Fund (Investment Schemes) Regulations as if it is money payable to the insured policy owner for the maturity or surrender of an insured policy purchased or maintained by the insured policy owner under regulation 31 of the Central Provident Fund (Investment Schemes) Regulations. (3) Subject to paragraph (1) —(a)in the case where an insured policy owner or a beneficiary or both are entitled to compensation in respect of an insured policy which is covered under the PPF General Fund and provides third party benefits, the Agency shall pay such compensation directly to the insured policy owner or the beneficiary or both or into their respective accounts opened with a bank licensed under the Banking Act (Cap. 19), as the case may be; and(b)subject to sub-paragraph (a), in a case where an insured policy owner is entitled to compensation in respect of an insured policy covered under the PPF General Fund or the PPF Life Fund, the Agency shall pay such compensation directly to the insured policy owner or into an account opened with a bank licensed under the Banking Act in his name.

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