Central Provident Fund (Dependants’ Protection Insurance Scheme) (Amendment) Regulations 2013

Status:

Published in Subsidiary Legislation Supplement
on 13 Dec 2013

No. S 752

Central Provident Fund Act

(CHAPTER 36)

Central Provident Fund (Dependants’
Protection Insurance Scheme) (Amendment)
Regulations 2013

In exercise of the powers conferred by section 51 of the Central Provident Fund Act, Mr Tan Chuan‑Jin, Senior Minister of State, charged with the responsibility of the Minister for Manpower, hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Central Provident Fund (Dependants’ Protection Insurance Scheme) (Amendment) Regulations 2013 and shall come into operation on 15th December 2013.

New regulation 8A

2. The Central Provident Fund (Dependants’ Protection Insurance Scheme) Regulations (Rg 19) are amended by inserting, immediately after regulation 8, the following regulation:

“Refund of premium to member insured under Scheme as at implementation date

8A.—(1) The Board may, subject to such terms and conditions as the Board may impose, refund to an eligible member part of the premiums paid by him in respect of his insurance cover under the Scheme before the implementation date, in an amount determined in accordance with the following formula:

where P

is the aggregate of all the premiums paid by the eligible member in respect of his insurance cover under the Scheme for the relevant period;

P_T

is the aggregate of P in respect of all the eligible members;

is the amount of the moneys of the dissolved Fund as at the implementation date;

is the amount of moneys paid to all of the appointed insurers under section 49B(1)(a) of the Act;

is the amount of moneys paid from the moneys of the dissolved Fund, on or after the implementation date but before the refund date, to meet —

(a)	the Board’s liabilities under the Scheme that arose prior to the transfer of the Board’s liabilities to all of the appointed insurers under section 49A of the Act; and

(b)	the costs and expenses incurred by the Board in maintaining the Scheme; and

is the amount of moneys which will be transferred to the Fund under section 49B(3) of the Act.

(2) Regulation 10A shall not apply to a refund referred to in paragraph (1) and such refund shall be paid into the eligible member’s ordinary account.

(3) In this regulation —

“dissolved Fund” has the same meaning as in section 49B of the Act;

“eligible member” means any member of the Fund who was insured under the Scheme immediately before the implementation date, but does not include —

(a)

any person, upon whose incapacity, an insured sum has been paid under the Scheme before the refund date;

(b)

any person who has, before the refund date —

(i)	died, if the Board has been notified of his death before the refund date; or
(ii)	withdrawn the sum standing to his credit in the Fund under section 15(2)(b) or (c) of the Act;

“refund date” means the date on which the premiums are refunded by the Board under paragraph (1);

“relevant period”, in relation to any eligible member, means the continuous period immediately before the implementation date during which the eligible member was insured under the Scheme.”.

Deletion of regulation 14

3. Regulation 14 of the Central Provident Fund (Dependants’ Protection Insurance Scheme) Regulations is deleted.

[G.N. Nos. S 255/2012; S 264/2012; S 680/2012]

Made this 11th day of December 2013.

LOH KHUM YEAN

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 7/68 V57; AG/LLRD/SL/36/2010/3 Vol. 1]

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

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