Singapore legislation
Regulation 5A
of Medi Shield Life Scheme (Premium Recovery) Regulations 2016
Regulation 5A
Penalty
Subregulation 1
For the purposes of section 17 of the Act, the amount of penalty that may be imposed in respect of an insured person’s premium for an insurance period is —
5% of the insured person’s premium for the insurance period that remains unpaid on the first penalty date; and
12% of the insured person’s premium for the same insurance period that remains unpaid on the second penalty date.
Subregulation 2
In this regulation —
Definition
“first penalty date”, for an insured person’s premium for an insurance period, is a date (not earlier than one month after the beginning of the insurance period) specified for the purposes of paragraph (1)(a) in the demand note that imposes the penalty;
Definition
“second penalty date”, for an insured person’s premium for an insurance period, is a date (not earlier than the first anniversary of the first penalty date for the insured person’s premium for the insurance period) specified for the purposes of paragraph (1)(b) in the demand note that imposes the penalty.