Deposit Insurance and Policy Owners’ Protection Schemes Act

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(CHAPTER 77B)

(Original Enactment: Act 15 of 2011)

REVISED EDITION 2012

(31st December 2012)

An Act to reconstitute the Deposit Insurance Scheme for the purpose of providing limited compensation to insured depositors under certain circumstances, to establish a Policy Owners’ Protection Scheme for the purpose of compensating (in part or whole) or otherwise assisting or protecting insured policy owners and beneficiaries under certain circumstances, and for matters connected therewith.

[1st May 2011]

PART I

PRELIMINARY

Short title

1. This Ordinance may be cited as the Supply Ordinance, 1963.

Supply $282,746,500

2. A sum not exceeding two hundred and eighty-two million seven hundred and forty-six thousand five hundred dollars is hereby charged upon the Consolidated Fund for the period from the 1st of January to the 31st of December, 1964, and the said sum may be expended as spectified in the Schedule to this Ordinance.

Meanings of “insured deposit base” and “relevant insured deposits”

3.—(1) In this Act, unless the context otherwise requires, “insured deposit base”, in relation to a DI Scheme member, means the aggregate of the amount of every relevant insured deposit of all the insured depositors of the DI Scheme member.

(2) In subsection (1), “relevant insured deposits”, in relation to an insured depositor of a DI Scheme member, means —

(a)

the aggregate of the amounts, not exceeding the Maximum DI Coverage, of insured deposits placed with the DI Scheme member which —

(i)	are held by that insured depositor in its or his own right;
(ii)	are held by that insured depositor in its or his own right jointly with one or more persons in a joint account;
(iii)	where the insured depositor is a sole-proprietor, are held in the name of the sole-proprietorship; and
(iv)	consist of moneys denominated in Singapore dollars placed with the failed DI Scheme member under the Supplementary Retirement Scheme;

(b)

the amount, not exceeding the Maximum DI Coverage, of insured deposits held by that insured depositor as a trustee under a trust in every account opened with the DI Scheme member;

(c)

the amount, not exceeding the Maximum DI Coverage, of insured deposits held by that insured depositor in every client account opened with the DI Scheme member;

(d)

any moneys denominated in Singapore dollars placed by that insured depositor with the DI Scheme member under the CPFIS and CPFMS, not exceeding the Maximum DI Coverage; and

(e)

the amount, not exceeding the Maximum DI Coverage, of one or more prescribed products held by that insured depositor and placed with the DI Scheme member, which the Minister has, by order published in the Gazette, determined that it or they shall not be aggregated with any of the insured deposits under paragraphs (a), (b), (c) and (d) and shall be subject to separate coverage under the DI Scheme of an amount not exceeding the Maximum DI Coverage, whether on its own or in aggregation with other prescribed products.

(3) For the purposes of subsection (2) —

(a)	a reference to an insured deposit includes a reference to part of the insured deposit;
(b)	where an insured depositor holds an insured deposit in his own right jointly with one or more persons in a joint account, each of them, whether or not he is an insured depositor, shall be deemed to have an equal share in the insured deposit unless there is an express provision to the contrary in the books of the DI Scheme member;
(c)	where there are 2 or more insured depositors holding any insured deposit in an account under a trust or a client account jointly, each of them shall be deemed to have an equal interest in the insured deposit; and
(d)	where the Minister does not make the determination referred to in subsection (2)(e) in respect of any prescribed product, that prescribed product shall be aggregated with the insured deposits referred to in subsection (2)(a).

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