Singapore legislation
Regulation 14
of Care Shield Life and Long-Term Care (CSHL Scheme) Regulations 2020
Regulation 14
Interest on unpaid premium
Subregulation 1
For the purposes of section 23(1)(a) of the Act, the interest rate that the Board may impose is 4% per annum on the whole or any part of the following amounts that remain due and payable at the time the interest is imposed:
the insured person’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 interest —
begins to run —
where no interest has previously been imposed on the insured person’s premium mentioned in paragraph (1)(a), from the beginning of the insurance period mentioned in that provision;
where any interest has previously been imposed on the insured person’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 later date during either insurance period mentioned in sub‑paragraph (i) or (ii) (as the case may be) specified by the Board; and
ceases to run —
at the end of the insurance period mentioned in sub‑paragraph (a)(i) or (ii), as the case may be; or
on any earlier date during either insurance period mentioned in sub‑paragraph (i) specified by the Board.
Subregulation 3
The period during which the interest runs, as prescribed in paragraph (2), excludes any period during which interest previously imposed on the insured person’s premium mentioned in paragraph (1)(a) (if any) runs.
Subregulation 4
The Board may waive any interest imposed under this regulation.