Singapore legislation

Regulation 31

of Care Shield Life and Long-Term Care (CSHL Scheme) Regulations 2020

Regulation 31

Order in which certain payments are to be applied

Subregulation 1

This regulation applies where the Board —

(a)

receives any payment in respect of a premium from an insured person, that is payable by the insured person under the Act;

(b)

receives any payment from any other person required under section 14(4)(b) of the Act to pay any premium on behalf of an insured person;

(c)

is to make a payment of an insured sum under the CSHL Scheme in respect of an insured person to the insured person or an approved payee under section 18(1) of the Act; or

(d)

is to make a payment of a goodwill sum under regulation 9.

Subregulation 2

The Board may —

(a)

apply the payment mentioned in paragraph (1)(a) or (b), towards the insured person’s unpaid premium, and any unpaid interest and unpaid penalty imposed on the insured person’s premium, that the person who made the payment is required to pay; or

(b)

deduct from the payment mentioned in paragraph (1)(c) or (d), any unpaid premium, and any unpaid interest and unpaid penalty imposed on the insured person’s premium, that the insured person is liable to pay under the Act,(as the case may be) in the following order:

(c)

first, the unpaid penalty (if any) imposed on the insured person’s premium for the first insurance period of the insured person’s insurance cover under the CSHL Scheme;

(d)

second, the unpaid interest (if any) imposed on the insured person’s premium for the first insurance period of the insured person’s insurance cover under the CSHL Scheme;

(e)

third, the insured person’s unpaid premium for the first insurance period of the insured person’s insurance cover under the CSHL Scheme, if any;

(f)

then, towards any unpaid penalty, unpaid interest and unpaid premium of the insured person’s insurance cover under the CSHL Scheme, in the order in sub‑paragraphs (c), (d) and (e), for each subsequent insurance period in turn.

Subregulation 3

In this regulation —

Definition

“unpaid interest”, in relation to any payment from or to a person mentioned in paragraph (1), means any interest (including compound interest) imposed under section 23(1)(a) of the Act on the insured person’s premium that remains unpaid at the time this regulation is applied to that payment;

Definition

“unpaid penalty”, in relation to any payment from or to a person mentioned in paragraph (1), means any penalty imposed under section 29 of the Act on the insured person’s premium that remains unpaid at the time this regulation is applied to that payment;

Definition

“unpaid premium”, in relation to any payment from or to a person mentioned in paragraph (1), means any premium in respect of the insured person’s insurance cover under the CSHL Scheme that remains unpaid at the time this regulation is applied to that payment.