Singapore legislation
Regulation 15
of Care Shield Life and Long-Term Care (CSHL Scheme) Regulations 2020
Regulation 15
Penalty for late payment of premium
Subregulation 1
For the purposes of section 29 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.