Establishment of CareShield Life and ElderShield Insurance Fund
35. A fund called the CareShield Life and ElderShield Insurance Fund is established for the purposes of the CSHL Scheme and ESH Scheme, comprising —(a)
all premiums (including interest, costs and penalties under sections 23(1)(a), 27(3) and 29, respectively) and any other sums paid under the CSHL Scheme;
(b)
all premiums under the ESH Scheme paid on or after the transfer date, and any other sums paid under the ESH Scheme;
(c)
all Government grants paid to the credit of the Fund for the purposes of the CSHL Scheme and ESH Scheme;
(d)
all gifts and donations given or made by any person for payment into the Fund, or to the Government or the Board for the purposes of the CSHL Scheme and ESH Scheme or for payment into the Fund;
(e)
all investments out of moneys in the Fund under section 36(4) and the proceeds of any such investments, including the net income from such investments; and
(f)
all moneys under the former ElderShield Scheme that are transferred to the Government on the transfer date.
Payments from Fund, etc.
36.—(1) All payments of benefits (including goodwill sums) and other payments (including any rebate mentioned in subsection (2) and reimbursement of assessors’ fees for disability assessments as determined by the Board) under the CSHL Scheme and ESH Scheme are to be met from the Fund.
(2) The Minister may declare the payment of any rebate from the Fund to insured persons to account for the difference between the Fund’s expected experience and actual experience (including claims experience), which is in such proportion and in such manner as the Minister may determine.
(3) Any costs or expenses incurred in —(a)
the administration or enforcement of the CSHL Scheme and ESH Scheme; and
(b)
doing anything incidental to or in connection with the administration or enforcement mentioned in paragraph (a),
may be met from the Fund.
(4) The Board may invest the moneys in the Fund in accordance with the standard investment power of statutory boards as defined in section 33A of the Interpretation Act 1965, except that the Board is subject to any general or specific directions from the Minister (instead of the Minister charged with the responsibility for the Board).
(5) The Board and the Administrator are not liable for any payment under the CSHL Scheme or ESH Scheme on or after the transfer date, for any costs or expenses incurred in the administration or enforcement of the CSHL Scheme or ESH Scheme (as the case may be), by reason of anything done, purported to be done, or omitted to be done, by the Board or the Administrator (as the case may be) in good faith and with reasonable care.
CareShield Life Council
37.—(1) The Minister may appoint a CareShield Life Council comprising the following members:(a)
the Chairperson;
(b)
at least 2 and not more than 16 other members.
(2) The Minister may appoint a Deputy Chairperson from among the members mentioned in subsection (1)(b).
(3) In addition to the functions conferred on the Council by other provisions of this Act, the Council also has the following functions:(a)
to make recommendations to the Minister on policy and scheme parameters, including premiums and benefits, to ensure that the CSHL Scheme and ESH Scheme provide effective protection for citizens of Singapore and permanent residents of Singapore in an affordable and sustainable manner;
(b)
to review the administration of the CSHL Scheme and ESH Scheme to ensure alignment with the directions of the Council;
(c)
to advise the Minister on matters related to the investment of the Fund, and any other matters related to the CSHL Scheme, ESH Scheme or the Fund as the Minister may direct.
(4) The terms and conditions of the appointment of the members of the Council are to be determined by the Minister.
(5) The Council may appoint from among its own members or from other persons who are not members such number of committees as the Council thinks fit for purposes which, in the opinion of the Council, will be better managed by means of such committees.
(6) Unless otherwise provided by or under this Act, the Council may determine the procedure to be adopted by the Council for the purposes of this Act.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
