Deposit Insurance and Policy Owners’ Protection Schemes Bill
Table of Contents
Long Title
Enacting Formula
Part I PRELIMINARY
1 Short title and commencement
2 Interpretation
3 Meanings of "insured deposit base" and "relevant insured deposits"
Part II DEPOSIT INSURANCE SCHEME
4 Reconstitution of Deposit Insurance Scheme
5 Membership of DI Scheme
6 Exemption from DI Scheme membership
7 Withdrawal of exemption from DI Scheme
8 Maintenance of assets in Singapore for DI Scheme members
Part III DEPOSIT INSURANCE FUND
9 Reconstitution of Deposit Insurance Fund
10 Withdrawal and application of moneys of DI Fund
11 Investment of DI Fund
Part IV PREMIUM CONTRIBUTIONS FOR DI SCHEME
12 Premium contributions payable by DI Scheme members
13 Determination of premium rates and premium contributions
14 Notice of payment of premium contribution
15 Additional premium contributions where DI Fund insufficient to pay compensation
16 Payment of premium contributions and late payment fees
17 Power to refund or remit premium contributions, etc.
18 Refund of premium contributions, etc., paid in excess
19 Re-computation of premium contributions and additional premium contributions
20 Disclosure of information relating to premium contributions
Part V COMPENSATION UNDER DI SCHEME
21 Occurrence of events precipitating payment of compensation
22 Entitlement to compensation
23 Deposits in own right and joint accounts
24 Restrictions on entitlement to compensation under DI Scheme
25 Computation and method of payment of compensation under DI Scheme
26 Merger or consolidation of, or acquisition by, DI Scheme members
27 Subrogation
28 Recovery of compensation paid in excess or in error under DI Scheme
29 Powers of liquidator in respect of claims against insured depositor
Part VI POLICY OWNERS’ PROTECTION SCHEME
30 Establishment of Policy Owners’ Protection Scheme
31 Membership of PPF Scheme
32 Exemption from PPF Scheme membership
33 Withdrawal of exemption from PPF Scheme
Part VII POLICY OWNERS’ PROTECTION LIFE FUND AND POLICY OWNERS’ PROTECTION GENERAL FUND
34 Establishment of Policy Owners’ Protection Life Fund and Policy Owners’ Protection General Fund
35 Withdrawal and application of moneys of PPF Life Fund and PPF General Fund
36 Investment of PPF Life Fund and PPF General Fund
Part VIII LEVIES FOR PPF SCHEME
37 Levies payable by PPF Scheme members
38 Determination of levy rates and levies
39 Notice of payment of levy
40 Additional levies where PPF Life Fund or PPF General Fund insufficient to pay compensation
41 Payment of levies and late payment fees
42 Power to refund or remit levies, etc.
43 Refund of levies, etc., paid in excess
44 Re-computation of levies and additional levies
45 Disclosure of information relating to levies
Part IX COMPENSATION AND USE OF PPF LIFE FUND AND PPF GENERAL FUND
46 Occurrence of events precipitating compensation or use of PPF Life Fund and PPF General Fund
47 Entitlement to compensation for life business
48 Entitlement to compensation for general business
49 Joint insured policies
50 Restrictions on entitlement to compensation under PPF Scheme
51 Computation and method of payment of compensation under PPF Scheme
52 Subrogation
53 Recovery of compensation paid in excess or in error under PPF Scheme
54 Use of PPF Life Fund or PPF General Fund for transfer or run-off of insurance business
55 Powers of liquidator in respect of claims against insured policy owner
Part X deposit insurance AND POLICY OWNERS’ PROTECTION FUND AGENCY
56 Designation of company to be deposit insurance and policy owners’ protection fund agency
57 Objects, functions and powers of Agency
58 Amendment to memorandum and articles of association of Agency
59 Appointment of board of directors
60 Board to be accountable to Minister
61 Salaries, fees and allowances payable to Chairman and directors
62 Appointment of Chief Executive, officers and employees, etc.
63 Rules issued by Agency for DI Scheme and PPF Scheme
64 Regulations on disclosure and operational preparedness by Authority
65 Power of court to order observance of or compliance with Rules
Part XI OFFENCES
66 Offences committed by bodies corporate, etc.
67 False statements regarding membership, insured deposits and insured policies
68 Offence by officer
69 Duty not to furnish false information to Authority or Agency
70 General penalty
71 Penalty for corporation
72 Jurisdiction of court
73 Composition of offences
Part XII FINANCIAL AND AUDIT PROVISIONS
74 Financial provisions with respect to DI Fund, PPF Life Fund and PPF General Fund
75 Financial provisions with respect to Agency
76 Annual report of Agency
77 Annual estimates
78 Reporting to Minister
Part XIII MISCELLANEOUS
79 Protection from liability
80 Preservation of confidentiality
81 General exemption
82 Appointment of assistants
83 Inspection of books of DI Scheme members and PPF Scheme members
84 Provision of information and production of books
85 Service of documents, etc.
86 Electronic service
87 Copies or extracts of books to be admitted in evidence
88 Application of Companies Act
89 Insurance Act not to apply in relation to certain parts
90 Amendment of Schedules
91 Regulations
92 Repeal
93 Consequential amendments to other written laws
94 Savings and transitional provisions
Explanatory Statement
Expenditure of Public Money