Central Provident Fund (Home Protection Insurance Scheme) (Amendment No. 2) Regulations 2006

Status:

Published in Subsidiary Legislation Supplement
on 28 Aug 2006

No. S 502

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Home Protection Insurance Scheme) (Amendment No. 2) Regulations 2006

In exercise of the powers conferred by section 39 of the Central Provident Fund Act, the Minister for Manpower hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Central Provident Fund (Home Protection Insurance Scheme) (Amendment No. 2) Regulations 2006 and shall come into operation on 28th August 2006.

Amendment of regulation 2

2. Regulation 2 of the Central Provident Fund (Home Protection Insurance Scheme) Regulations (Rg 11) (referred to in these Regulations as the principal Regulations) is amended —

(a)

by inserting, immediately before the definition of “Housing Authority”, the following definition:

“ “approved developer” and “housing accommodation” have the meanings given to them by section 65M of the Housing and Development Act (Cap. 129);”;

(b)

by inserting, immediately after the words “the Housing Authority” in paragraphs (a) and (b) of the definition of “housing loan”, the words “or an approved developer”; and

(c)

by inserting, immediately after the words “Housing Authority” in the definition of “property”, the words “, or any housing accommodation or any estate or interest in any housing accommodation purchased by a member from an approved developer”.

Amendment of regulation 11

3. Regulation 11 of the principal Regulations is amended by deleting paragraph (3) and substituting the following paragraph:

“(3) The first premium required to be paid by an insured or, as the case may be, a member in accordance with regulation 12 (2) shall become payable on —

(a)

the earliest of —

(i)	the date of commencement of the housing loan if the loan document or the instrument of mortgage of the property has been executed before hand;
(ii)	the date of the possession of the property by the insured; and
(iii)	the date of withdrawal of any money standing to the credit of the account of the insured for repayment of instalments of the housing loan, if the loan document or the instrument of mortgage has been executed before hand; or

(b)

such other date as the Board may, in its discretion, determine.”.

Deletion of regulations 20 and 21 and substitution of regulation 20

4. Regulations 20 and 21 of the principal Regulations are deleted and the following regulation substituted therefor:

“Death or incapacity of insured

20.—(1) The amount payable to the Housing Authority or approved mortgagee under section 36(1) or (2) of the Act, or under section 36(1) of the Act as modified by the Central Provident Fund (Modifications to Act for Design-Build-and-Sell Scheme) Order 2006 (G.N. No. S 504/2006) (referred to in this regulation as the modified section 36(1) of the Act), shall be —

(a)	an amount calculated in accordance with the applicable Table set out in the Third Schedule based on the extent to which the insured who died or became incapacitated is covered under the Scheme; or
(b)	the principal sum and the accrued interest owing to the Housing Authority or approved mortgagee,

whichever is the lesser.

(2) If the amount payable to the Housing Authority or approved mortgagee under the modified section 36(1) of the Act is that referred to in paragraph (1)(a), then nothing shall be payable to the approved developer under paragraph (ii) of the modified section 36(1) of the Act.

(3) If the amount payable to the Housing Authority or approved mortgagee under the modified section 36(1) of the Act is that referred to in paragraph (1)(b), then the amount payable to the approved developer under paragraph (ii) of the modified section 36(1) of the Act shall be —

(a)	the difference between the amounts referred to in paragraph (1)(a) and (b); or
(b)	the sum of all outstanding progress payments owing to the approved developer,

whichever is the lesser.

(4) Nothing in this regulation shall be construed as requiring the Board to make any payment to any person if the death or incapacity of the insured occurs at any time prior to the commencement of his cover under the Scheme.”.

[G.N. No. S 380/2006]

Made this 24th day of July 2006.

LEO YIP

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMC29/68-05 T1; AG/LEG/SL/36/2005/7 Vol. 1]

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

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