Protection from liability
Open ↗79. No liability shall be incurred by —(a)
the Agency;
(b)
any director, officer, employee or agent of the Agency; or
(c)
any person acting under the direction of the Agency,
as a result of anything done (including any statement made) or omitted to be done in good faith in —
(d)
the exercise or purported exercise of any power under this Act;
(e)
the performance or purported performance of any function or duty under this Act; or
(f)
the execution or purported execution of this Act.[31/2018]
Indemnity for Agency’s officers against cost of action to which section 79 applies
Open ↗79A.—(1) The Agency must indemnify a person mentioned in subsection (2) against all costs and expenses reasonably incurred by the person in connection with any action, suit or other legal proceedings to which the person is a party by reason of anything done (including any statement made) or omitted to be done in good faith in the course of or in connection with any of the matters mentioned in section 79(d), (e) or (f).[31/2018]
(2) Subsection (1) applies to a person who was a person mentioned in section 79(b) or (c) at the time of the alleged act or omission giving rise to the action, suit or proceeding.[31/2018]
Preservation of confidentiality
Open ↗80.—(1) No person who is or has been a member, a director, an officer, an employee or an agent of the Agency may disclose any information relating to the affairs of the Agency or of any other person which has been obtained by the firstmentioned person in the performance of his or her duties or the exercise of his or her functions unless such disclosure is made —(a)
with the permission of the person from whom the information was obtained or, where the information is the confidential information of a third person, with the permission of that third person;
(b)
for the purpose of the performance of his or her duties or the exercise of his or her functions under this Act;
(c)
in compliance with the requirement of any court or any written law; or
(d)
for the purpose of assisting any public officer or officer of any other statutory board in the investigation or prosecution of any offence under any written law.
(2) No person who is or has been a member, a director, an officer, an employee or an agent of the Agency may, for his or her own personal benefit or for the personal benefit of any other person, make use of any information, whether directly or indirectly, which has been obtained by the firstmentioned person in the performance of his or her duties or the exercise of his or her functions.
(3) For the purpose of this section, the reference to a person disclosing or making use of any information includes his or her permitting any other person to have any access to any record, document or other thing which is in the firstmentioned person’s possession or under the firstmentioned person’s control by virtue of his or her being or having been a member, a director, an officer, an employee or an agent of the Agency.
(4) Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both.
General exemption
Open ↗81.—(1) The Minister may, by regulations, exempt any person or class of persons from all or any of the provisions of this Act, subject to such terms or conditions as may be prescribed.
(2) The Minister may, on application of any person, by written notice exempt the person from all or any of the provisions of this Act if the Minister considers it appropriate to do so in the circumstances of the case.
(3) An exemption under subsection (2) —(a)
may be granted subject to such terms or conditions as the Minister may specify by written notice;
(b)
need not be published in the Gazette; and
(c)
may be withdrawn at any time by the Minister if he or she considers it necessary in the public interest.
(4) Any person who contravenes any term or condition prescribed under subsection (1) or specified by the Minister under subsection (3)(a) shall be guilty of an offence.
Appointment of assistants
Open ↗82.—(1) The Authority may, subject to such conditions or restrictions as it thinks fit, appoint any person to exercise any of its powers or perform any of its functions or duties under this Act, either generally or in any particular case, except the power to make subsidiary legislation.
(2) The Authority may appoint one or more of its officers to exercise a power conferred on the Authority to grant an exemption to any person (not being an exemption granted to a class of persons) under this Act, or to revoke any such exemption.[31/2018]
[Act 5 of 2025 wef 09/03/2025]
(2A) An appointment under subsection (2) must be published in the Gazette.[Act 5 of 2025 wef 09/03/2025]
(3) Any person appointed by the Authority under subsection (1) or (2) is deemed to be a public servant for the purposes of the Penal Code 1871.[31/2018]
Inspection of books of DI Scheme members and PPF Scheme members
Open ↗83.—(1) The Authority may from time to time inspect, under conditions of secrecy, the books of any DI Scheme member or PPF Scheme member for the purposes of this Act.
(2) For the purposes of an inspection under this section —(a)
the DI Scheme member or PPF Scheme member and any other person who is in possession of the books of the DI Scheme member or PPF Scheme member must produce such books to the Authority and give such information or facilities as may be required by the Authority;
(b)
the DI Scheme member or PPF Scheme member must procure that any other person who is in possession of its books produce its books to the Authority and give such information or facilities as may be required by the Authority; and
(c)
the Authority may —(i)
make copies of, or take possession of, any of such books;
(ii)
use, or permit the use of, any of such books for the purposes of any proceedings under this Act; and
(iii)
retain possession of any of such books for so long as is necessary —(A)
for the purposes of exercising a power conferred by this section;
(B)
for a decision to be made on whether or not proceedings should be commenced under this Act in relation to such books; or
(C)
for such proceedings to be commenced and carried on.
(3) No person is entitled, as against the Authority, to claim a lien on any of the books, but such a lien is not otherwise affected.
(4) The Authority may require a person who produced any book to the Authority to explain, to the best of the person’s knowledge and belief, any matter about the compilation of the book or to which the book relates.
(5) Any person who, without reasonable excuse, contravenes subsection (2) or a requirement of the Authority under subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
Provision of information and production of books
Open ↗84.—(1) The Authority may, by written notice, require a DI Scheme member or PPF Scheme member to —(a)
provide such information; or
(b)
produce any book,
at such time and in such manner as the Authority may reasonably require for the proper discharge of its functions.
(2) Any information received from a DI Scheme member or PPF Scheme member under this section must be treated as secret by the Authority.
(3) Nothing in subsection (2) precludes the Authority from disclosing the information if —(a)
the information is already in the public domain;
(b)
the information is disclosed in such a manner that the identity of an individual DI Scheme member or PPF Scheme member cannot be ascertained;
(c)
the DI Scheme member or PPF Scheme member consents to the disclosure;
(d)
disclosure of the information on individual DI Scheme member or PPF Scheme member is necessary for the Authority’s performance of its functions or in the exercise of its powers; or
(e)
disclosure of the information is required or authorised by an order of a court in Singapore, or by or under any written law.[31/2018]
(4) Any DI Scheme member or PPF Scheme member which fails to or neglects to provide any information or produce any book required by the Authority under this section shall be guilty of an offence.
(5) Any DI Scheme member or PPF Scheme member which in purported compliance with subsection (1), without reasonable care, provides any information or produces any book that is inaccurate, false or misleading shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000.[31/2018]
Service of documents, etc.
Open ↗85.—(1) Any notice, order or document required or authorised by this Act to be served on any person may be served —(a)
by delivering it to the person or to some adult member or employee of his or her family or household at his or her last known place of residence;
(b)
by leaving it at his or her usual or last known place of residence or business in an envelope addressed to the person;
(c)
by sending it by registered post addressed to the person at his or her usual or last known place of residence or business; or
(d)
in the case of a body corporate, firm or body of persons —(i)
by delivering it to the secretary or other similar officer of the body corporate, firm or body of persons at its registered office or principal place of business; or
(ii)
by sending it by registered post addressed to the body corporate, firm or body of persons at its registered office or principal place of business.
(2) Any notice, order or document sent by registered post to any person in accordance with subsection (1) is deemed to be duly served on the person at the time when the notice, order or document (as the case may be) would in the ordinary course of post be delivered.
(3) When proving service of the notice, order or document referred to in subsection (2), it is sufficient to prove that the envelope containing the notice, order or document (as the case may be) was properly addressed, stamped and posted by registered post.
Electronic service
Open ↗86.—(1) The Authority may provide an electronic service for the service of any notice that is required or authorised by this Act to be served on any person.
(2) The Authority may use the electronic service to serve any notice on behalf of the Agency.
(3) For the purposes of the electronic service, the Authority may assign to any person —(a)
an authentication code; and
(b)
an account with the electronic service.
(4) Despite section 85, where any person has given his or her consent for any notice to be served on him or her through the electronic service, the Authority may serve the notice on that person by transmitting an electronic record of the notice to that person’s account with the electronic service.
(5) Where a person has given his or her consent for a notice to be served on him or her through the electronic service, the notice is deemed to have been served at the time when an electronic record of the notice enters his or her account with the electronic service.
(6) Despite any other written law, in any proceedings under this Act —(a)
an electronic record of any notice that was served through the electronic service; or
(b)
any copy or print-out of that electronic record,
is admissible as evidence of the facts stated or contained therein if that electronic record, copy or print-out —
(c)
is certified by the Authority to contain all or any information served through the electronic service in accordance with this section; and
(d)
is duly authenticated in the manner specified in subsection (8) or is otherwise authenticated in the manner provided in the Evidence Act 1893 for the authentication of computer output.
(7) To avoid doubt —(a)
an electronic record of any notice that was served through the electronic service; or
(b)
any copy or print-out of that electronic record,
is not inadmissible in evidence merely because the notice was served without the delivery of any equivalent document or counterpart in paper form.
(8) For the purposes of this section, a certificate —(a)
giving the particulars of —(i)
any person whose authentication code was used to serve the notice; and
(ii)
any person or device involved in the production or transmission of the electronic record of the notice, or the copy or print-out thereof;
(b)
identifying the nature of the electronic record or copy or print-out thereof; and
(c)
purporting to be signed by the Authority or by a person occupying a responsible position in relation to the operation of the electronic service at the relevant time,
is sufficient evidence that the electronic record, copy or print-out has been duly authenticated, unless the court, in its discretion, calls for further evidence on this issue.
(9) Where the electronic record of any notice, or a copy or print-out of that electronic record, is admissible under subsection (6), it is presumed, until the contrary is proved, that the electronic record, copy or print-out accurately reproduces the contents of that document.
(10) The Authority may make regulations which are necessary or expedient for carrying out the purposes of this section, including regulations prescribing the procedure for the use of the electronic service, including the procedure in circumstances where there is a breakdown or interruption of the electronic service.
Copies or extracts of books to be admitted in evidence
Open ↗87.—(1) Subject to this section, a copy of or an extract from a book mentioned in this Act that is proved to be a true copy of the book or of the relevant part of the book is admissible in evidence as if it were the original book or the relevant part of the original book.
(2) For the purposes of subsection (1), evidence that a copy of or an extract from a book is a true copy of the book or of a part of the book may be given by a person who has compared the copy or extract with the book or the relevant part of the book and may be given orally or by an affidavit sworn, or by a declaration made, before a person authorised to take affidavits or statutory declarations.
Application of Companies Act 1967
Open ↗88. Nothing in this Act, with the exception of sections 58, 59, 60, 62 and 79, affects the operation of the Companies Act 1967 in relation to its application to a company that is designated as the deposit insurance and policy owners’ protection fund agency under section 56.
Insurance Act 1966 not to apply in relation to certain parts
Open ↗89. The provisions of the Insurance Act 1966 (except where expressly mentioned) do not apply to the Agency and anything done by it under this Act.
Amendment of Schedules
Open ↗90.—(1) The Minister may at any time, by order in the Gazette, amend any Schedule except the Fifth, Sixth and Seventh Schedules.
(2) The Minister may, in any order made under subsection (1), make such incidental, consequential or supplementary provisions as may be necessary or expedient.
(3) Any order made under subsection (1) must be presented to Parliament as soon as possible after publication in the Gazette.
Regulations
Open ↗91.—(1) The Minister may, with the exception of those matters which may be prescribed by the Authority under this Act, make regulations for carrying out the purposes and provisions of this Act and for the due administration thereof.
(2) Except as otherwise expressly provided in this Act, regulations made under this Act may —(a)
be of general or specific application; and
(b)
provide that a contravention thereof shall be punishable —(i)
in the case of an individual, with a fine not exceeding $12,500 or with imprisonment for a term not exceeding 12 months or both and, in the case of a continuing offence, with a further fine not exceeding $1,250 for every day or part of a day during which the offence continues after conviction; or
(ii)
in the case of a company or body corporate, with a fine not exceeding $25,000 and, in the case of a continuing offence, with a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.
Saving and transitional provisions
Open ↗92.—(1) Any exemption granted by the Authority under section 6(2) of the repealed Act immediately before 1 May 2011 continues and is deemed to have been granted under section 6(2) of this Act, and any condition to which the exemption was subject immediately before that date continues and is deemed to have been imposed under section 6(5) of this Act.
(2) Any assets, investments or moneys which were part of the DI Fund established under section 9(1) of the repealed Act (whether held in the name of the DI Fund or otherwise) immediately before 1 May 2011, are deemed to be assets, investments and moneys forming part of the DI Fund reconstituted under section 9(1) of this Act.
(3) Any approval granted by the Minister under section 11 of the repealed Act in respect of the types of investments that the Agency may invest any money in the DI Fund, continues and is deemed to have been granted by the Minister under section 11 of this Act.
(4) Any director holding office at the company designated by the Minister under section 12 of the repealed Act to be the deposit insurance agency immediately before 1 May 2011, continues to hold appointment as such at the company designated by the Minister under section 56 of this Act.
(5) The following provisions apply to the Chief Executive, other officers, employees, consultants and agents appointed as such by the company designated by the Minister under section 12 of the repealed Act to be the deposit insurance agency, pursuant to section 18 of that Act immediately before 1 May 2011:(a)
the Chief Executive, other officers, employees, consultants and agents continue to hold such appointments and are deemed to have been appointed as such under section 62 of this Act;
(b)
the terms and conditions to which their appointments were subject to immediately before 1 May 2011 continue and are deemed to have been imposed under or pursuant to this Act.
(6) Subject to subsection (8), every DI Scheme member which has received a notice to pay a premium contribution under section 23 of the repealed Act for the premium year beginning on 1 April 2011 and ending on 31 March 2012, may from 1 May 2011 be required to pay a further premium contribution under this Act in respect of the period commencing on 1 May 2011 until 31 March 2012 (both days inclusive).
(7) Sections 12, 14, 16, 17 and 18 of this Act apply, with the necessary modifications, to any payment of further premium contribution.
(8) Despite subsection (7), the Authority must, when computing the amount of further premium contribution payable by a DI Scheme member, take into consideration any premium contribution which that DI Scheme member has paid under the repealed Act for the premium year beginning on 1 April 2011 and ending on 31 March 2012.
(9) Section 19 of this Act applies, with the necessary modifications, to any premium contribution which a DI Scheme member has received a notice to pay under section 23 of the repealed Act for the premium year beginning on 1 April 2011 and ending on 31 March 2012.
(10) Any act or purported act of the Agency (including the entering into of an agreement by the Agency and any act done on behalf of the Agency by an officer or agent of the Agency under any purported authority, whether express or implied, of the Agency) in respect of the PPF Scheme after 1 May 2011 but before the memorandum and articles of association of the Agency have been amended is not invalid by reason only of the fact that the Agency was without capacity or power to do such act.
(11) To avoid doubt, section 25(2) and (3) of the Companies Act 1967 does not apply to any act or purported act of the Agency referred to in subsection (10).
(12) In this section, a reference to a provision of the repealed Act is a reference to that provision of that Act in force immediately before 1 May 2011.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
