Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Establishment of Policy Owners’ Protection Scheme
30. A scheme called the Policy Owners’ Protection Scheme is established for the purposes of compensating (in part or whole) or otherwise assisting or protecting insured policy owners and beneficiaries in respect of the insured policies issued by PPF Scheme members and for securing the continuity of insurance for insured policy owners as far as reasonably practicable.
Membership of PPF Scheme
31.—(1) Every relevant insurer which is not exempted under section 32 is a PPF Scheme member so long as it is licensed by the Authority to carry on insurance business under the Insurance Act 1966.[11/2013] (2) Every relevant insurer which is licensed to carry on insurance business under the Insurance Act 1966 immediately before 1 May 2011, is deemed to be a PPF Scheme member from that date.[11/2013] (3) Every relevant insurer which is licensed to carry on insurance business under the Insurance Act 1966 on or after 1 May 2011, is a PPF Scheme member from the date on which it is licensed.[11/2013]
Exemption from PPF Scheme membership
32.—(1) Any relevant insurer may apply in writing to the Authority to be exempted from the requirement under section 31(1) to be a PPF Scheme member. (2) Upon application by a relevant insurer under subsection (1), the Authority may, subject to subsection (4), exempt the relevant insurer from the requirement under section 31(1), and notice of such exemption must be published in the Gazette. (3) The Authority may require the applicant to provide the Authority with such information or documents as the Authority considers necessary in relation to the application. (4) Without limiting subsection (2), the Authority must, in determining whether to grant an exemption under subsection (2), have regard to —(a) the scope of insurance business conducted by the applicant in Singapore; (b) in the case of any applicant which is a direct insurer licensed to carry on general business, whether or not that applicant issues any insured policy; (c) in the case of any applicant which is incorporated in a jurisdiction other than Singapore —(i) whether the policies issued by the applicant’s branches and offices located within Singapore are insured by a policy owners’ protection scheme, or any other scheme of a similar nature, established and maintained in the jurisdiction in which the applicant is incorporated (called in this section the foreign scheme); and (ii) whether the scope and level of protection available to those policies under the foreign scheme are not less than the scope and level of protection that would be available to the policies under the PPF Scheme if those policies were insured by the PPF Scheme.[11/2013] (5) The Authority may, when granting any exemption under subsection (2), impose on the PPF exempt member by written notice such conditions or restrictions relating to the exemption as the Authority may think fit. (6) The Authority may at any time —(a) by written notice to a PPF exempt member, add to, vary or revoke any existing condition or restriction imposed by the Authority under subsection (5); or (b) by written notice to every PPF exempt member in a particular class of such PPF exempt members impose such conditions or restrictions as the Authority may think fit on the class. (7) Every PPF exempt member must comply with all the conditions and restrictions imposed on it under subsections (5) and (6). (8) Any PPF exempt member which contravenes subsection (7) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine of $10,000 for every day or part of a day during which the offence continues after conviction.
Withdrawal of exemption from PPF Scheme
33.—(1) The Authority may withdraw the exemption granted to a PPF exempt member under section 32(2) if —(a) the PPF exempt member fails to comply with any condition or restriction imposed in respect of the exemption under section 32(5) or (6); or (b) the Authority considers it necessary to do so in the public interest. (2) Before withdrawing any exemption under subsection (1), the Authority must —(a) give the PPF exempt member written notice of its intention to do so; and (b) in the notice referred to in paragraph (a), call upon the PPF exempt member to show cause, within such time as may be specified in the notice, why the exemption should not be withdrawn. (3) If the PPF exempt member to whom a notice is given under subsection (2) —(a) fails to show cause within the time specified in the notice or within such extended period of time as the Authority may allow in any particular case; or (b) fails to show sufficient cause, the Authority must give written notice to the PPF exempt member of the withdrawal of the exemption and the date on which such withdrawal is to take effect. (4) Where a withdrawal of exemption becomes effective, the Authority must publish a notice of the withdrawal in the Gazette.
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Read the official text ↗
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
The Singapore legislation on this platform is subject to copyright of the Singapore Government and is used/reproduced for the purposes of this platform with the permission of the Attorney-General's Chambers. Users of this platform may check Singapore Statutes Online for the latest version of the Singapore legislation.