Central Provident Fund (Home Protection Insurance Scheme) Regulations

Central Provident Fund Act

(Chapter 36, Section 39)

Rg 11

REVISED EDITION 1990

(25th March 1992)

[27th June 1986]

Citation

1.—(1) These Regulations may be cited as the Central Provident Fund (Home Protection Insurance Scheme) Regulations.

(2) These Regulations shall apply to premiums collected by the Board and to payments made by the Board and to anything done by the Board pursuant to the Scheme before 27th June 1986 as they apply to premiums to be collected by the Board and payments to be made by the Board and anything to be done by the Board pursuant to the Scheme after that date.

Definitions

2. In these Regulations, unless the context otherwise requires —

“Housing Authority” has the meaning assigned to it in Part IV of the Act;

“housing loan” means a loan obtained by a member from a Housing Authority or approved mortgagee for the purchase of a property from the Housing Authority or a loan obtained by a member from a Housing Authority or an approved mortgagee to finance or re-finance the purchase of a property from the Housing Authority;

“member” means a member to whom the Scheme applies;

“mortgage” includes any charge on a property;

“property” means a house or flat or any estate or interest in a house or flat purchased by a member from a Housing Authority;

“Scheme” means the Home Protection Insurance Scheme established and maintained by the Board under Part IV of the Act.

Premiums

3.—(1) The premium payable by a member shall be of an amount based on the extent to which he is covered under the Scheme calculated in accordance with the Tables set out in the First Schedule.

(2) Any premium payable by a member under paragraph (1) may be deducted by the Board in the manner authorised by section 32(2) or (3) of the Act or may be paid in such other manner as may be approved by the Board.

Co-purchasers and co-owners

4.—(1) Where a property is purchased or owned by two or more members, the extent to which each co-purchaser or co-owner is covered under the Scheme shall not be less than the percentage of the housing loan which each co-purchaser or co-owner declares as his liability for repayment.

(2) Where the amount standing to the credit of the co-purchaser's or co-owner's account in the Fund is insufficient to pay the premium for the coverage required under paragraph (1), such co-purchaser or co-owner shall be covered under the Scheme to the extent based on the amount of premium which is paid by him or deducted from his account.

[S 318/95 wef 01/03/1995]

(3) The premium payable by each co-purchaser or co-owner shall be based on the extent of his cover under the Scheme calculated in accordance with the Tables set out in the First Schedule.

Death or incapacity of member

5.—(1) The amount payable to a Housing Authority or an approved mortgagee under section 36 (1) and (2) on the death or incapacity of a member shall be —

(a)	an amount calculated in accordance with the Tables set out in the Second Schedule; or
(b)	the principal sum and the accrued interest owing to the Housing Authority or approved mortgagee,

whichever amount is the lesser.

(2) The amount payable to a Housing Authority or an approved mortgagee under section 36(3) of the Act on the death or incapacity of a member shall be calculated in accordance with the Tables set out in the Second Schedule.

(3) Nothing in these Regulations shall be construed to require the Board to make any payment to a Housing Authority or an approved mortgagee to discharge the whole or any part of the mortgaged property belonging to a member if the incapacity of the member occurred at any time prior to the commencement of his cover under the Scheme.

Death or incapacity where there are two or more members

6. Where the premium in respect of any property has been paid by two or more members, the Board shall, on the death or incapacity of any of the members, pay to the Housing Authority or an approved mortgagee for the purpose of discharging part of the mortgaged property, a sum based on the amount of premium paid by the member who has died or become incapacitated, as the case may be, calculated in accordance with the Tables set out in the Second Schedule.

Disposal of property by member

7.—(1) Where a member has sold, transferred or otherwise disposed of his property, the Board shall refund to the member by crediting to his account in the Fund an amount which represents the surrender value of his cover under the Scheme calculated in accordance with the Tables set out in the Third Schedule; and the surrender value shall be ascertained on the date of the sale, transfer or disposition of the property by the member.

(2) Where the Board is exempted from making any payment under the Scheme by section 36(5) and (6) of the Act, the Board shall refund to that member or his estate by crediting to his account in the Fund an amount, which represents the surrender value of his cover under the Scheme calculated in accordance with the Tables set out in the Third Schedule; and the surrender value shall be ascertained on the date of his death or incapacity, as the case may be.

Partial discharge of mortgaged property

8. Where the housing loan of a member has been reduced whether by a partial discharge of the mortgaged property or otherwise, the Board shall, subject to such terms and conditions as it may impose, refund to that member by crediting to his account in the Fund an amount which represents the surrender value of his cover under the Scheme calculated in accordance with the Tables set out in the Third Schedule; and the surrender value shall be ascertained on the date of the reduction of the housing loan.

Notional date of birth

9. For the purposes of these Regulations, where the date of birth of a member cannot be ascertained or is doubtful, his date of birth shall be deemed to be 1st January of the year in which he was born.

Power of Board to invest moneys in Fund

10. All moneys in the Home Protection Fund may from time to time be invested by the Board in such manner as the Board thinks fit.

Application to withdraw money in Fund, etc. — how made

11. Every application by a member —

(a)	for the withdrawal of money in the Fund for the payment of any premium under the Scheme;
(b)	to increase or reduce his cover under the Scheme; and
(c)	to be exempted from the Scheme,

shall be made in such form and supported by such evidence as the Board may require.

Acronyms

12. In the Schedules —

“HDB” means the Housing and Development Board;

“HUDC” means the Housing and Urban Development Company (Private) Limited;

“JTC” means the Jurong Town Corporation; and

“Mindef” means the Ministry of Defence.

Coverage for certain policies in force immediately before 1st March 1995

13.—(1) Where the date of repayment of the housing loan or the date of discharge of the mortgage of the immovable property of a person who is a member of the Scheme immediately before 1st March 1995 falls on a date after the person attains the age of 55 years, the period of cover shall, subject to paragraph (3), be extended in accordance with paragraph (2) to —

(a)	the date when the loan is repaid or the mortgage is discharged; or
(b)	the date in the period of 12 months immediately after he attains the age of 60 years being the date on which the premium was paid,

whichever is earlier.

(2) The period of cover shall be extended —

(a)	upon the application by the member to the Board or upon the adjustment of the housing loan by the member; or
(b)	in any other case, upon the member attaining the age of 55 years.

(3) On the extension of the period of cover under paragraph (2), an amount representing the surrender value of the cover set out in Table 1, 2, 3, or 4 of the Third Schedule, whichever is applicable, shall be refunded to the member and a premium for the extension of the period of cover set out in Table 1A, 2A, 3A or 4A of the First Schedule, whichever is applicable, shall be paid by the member.

[S 318/95 wef 01/03/1995]

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