Singapore legislation
Regulation 5
of Medi Shield Life Scheme (Premium Recovery) Regulations 2016
Regulation 5
Interest
Subregulation 1
The Board may impose interest (called in this regulation the current interest) under section 11(1)(a) of the Act at the rate of 4% per annum on the whole or part of the following amounts that remain due and payable at the time the current interest is imposed:
the insured’s premium payable for an insurance period;
interest previously imposed (if any) on the premium mentioned in sub‑paragraph (a).
Subregulation 2
Subject to paragraph (3), the current interest —
begins to run —
where no interest has previously been imposed on the insured’s premium mentioned in paragraph (1)(a), from the beginning of the insurance period mentioned in paragraph (1)(a);
where any interest has previously been imposed on the insured’s premium mentioned in paragraph (1)(a), from the beginning of the first insurance period that begins after the date on which the interest previously imposed on that premium ceases to run; or
on any other date specified by the Board; and
ceases to run —
at the end of the insurance period mentioned in paragraph (2)(a)(i) or (ii) (as the case may be); or
on any other date specified by the Board.
Subregulation 3
The period during which the current interest runs, as prescribed in paragraph (2), excludes any period during which interest previously imposed on the insured’s premium mentioned in paragraph(1)(a) (if any) runs.