Central Provident Fund (Exemption for Protection of Benefits under Part V Assurance) Order

Status:

Revised Edition
published on 02 Jun 2008

Central Provident Fund Act

(Chapter 36, Section 69)

Central Provident Fund (Exemption for Protection of Benefits under Part V Assurance) Order

O 8

G.N. No. S 632/2007

REVISED EDITION 2008

(2nd June 2008)

[28th December 2007]

Citation

1. This Order may be cited as the Central Provident Fund (Exemption for Protection of Benefits under Part V Assurance) Order.

Definitions

2. In this Order, unless the context otherwise requires —

“automatic premium loan feature” means a feature in a life or endowment assurance which allows the issuer of the assurance to advance and set-off, against any cash value of the assurance, an amount for the payment of —

(a)	any premium of the assurance which is in arrears after any grace period, so as to protect the benefits under the assurance; and
(b)	any interest payable for the advance;

“Part V Assurance” means a life or endowment assurance effected under Part V of Statute 18 (as defined in section 18(8) of the National University of Singapore (Corporatisation) Act (Cap. 204A)).

Exemption

3. Section 24(2) of the Act and regulation 6 of the Central Provident Fund (Investment Schemes) Regulations (Rg 9) shall not apply to a member, in respect of any Part V Assurance held by him which has an automatic premium loan feature, only to the extent that the issuer of the Part V Assurance may advance and set-off (under the automatic premium loan feature), against any cash value of the Part V Assurance, an amount for the payment of —

(a)	any premium of the Part V Assurance which is in arrears after any grace period, so as to protect the benefits under the Part V Assurance; and
(b)	any interest payable for the advance. [G.N. No. S 632/2007]

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