Central Provident Fund (Withdrawals for ElderShield Scheme) (Amendment) Regulations 2007

No. S 496

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Withdrawals for Eldershield Scheme) (Amendment) Regulations 2007

In exercise of the powers conferred by section 77(1)(k) of the Central Provident Fund Act, the Minister for Manpower, after consulting with the Central Provident Fund Board, hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Central Provident Fund (Withdrawals for ElderShield Scheme) (Amendment) Regulations 2007 and shall come into operation on 30th September 2007.

Amendment of regulation 2

2. Regulation 2 of the Central Provident Fund (Withdrawals for ElderShield Scheme) Regulations (Rg 29) (referred to in these Regulations as the principal Regulations) is amended —

(a)

by deleting the words “specified in the Schedule” in the definition of “approved insurer” and substituting the words “approved by the Minister for Health for the purposes of these Regulations”;

(b)

by inserting, immediately after the definition of “dependant”, the following definitions:

“ “ElderShield Scheme” means an insurance scheme established and maintained by the Ministry of Health for the purposes of allowing a person to purchase a severe disability insurance policy from an approved insurer;

“ElderShield Supplement Scheme” means an insurance scheme established and maintained by the Ministry of Health for the purposes of allowing an insured person to purchase a supplementary severe disability insurance policy from an approved insurer to provide additional severe disability insurance benefits over and above the ElderShield Scheme;”; and

(c)

by deleting the definition of “Scheme”.

New regulation 2A

3. The principal Regulations are amended by inserting, immediately after regulation 2, the following regulation:

“ElderShield Supplement Scheme

2A. A person shall not qualify to be insured under the ElderShield Supplement Scheme unless he is already insured under the Eldershield Scheme.”.

Amendment of regulation 3

4. Regulation 3 of the principal Regulations is amended by inserting, immediately after paragraph (5), the following paragraph:

“(6) The amount of money that may be withdrawn by a member under these Regulations for the payment of premiums for one or more insurance policies under the ElderShield Supplement Scheme shall not exceed a sum of $600 per year per person insured.”.

Deletion of Schedule

5. The Schedule to the principal Regulations is deleted.

Miscellaneous amendments

6. The principal Regulations are amended —

(a)

by deleting the word “Scheme” wherever it appears in the following provisions and substituting in each case the words “ElderShield Scheme”:

“Regulations 3 (1), 4 and 9; and”.

(b)

by deleting the word “Scheme” wherever it appears in the following provisions and substituting in each case the words “ElderShield Scheme or ElderShield Supplement Scheme”:

“Regulations 2 (definition of “premium” and paragraph (b) of the definition of “ “severe disability insurance policy” or ”insurance policy” ”), 3(2) and (3), 5(3), 6, 7(1) and 8(1) and (3).”), 3 (2) and (3), 5 (3), 6, 7 (1) and 8 (1) and (3).

Made this 11th day of September 2007.

LEO YIP

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 10.4/82; AG/LEG/SL/36/2005/40 Vol. 1]

(To be presented to Parliament under section 78(2) of the Central Provident Fund Act).

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