Insurance policies and investment-linked insurance policies
31.—(1) A member who wishes to use the whole or part of the available amount in his special account to purchase an insurance policy or investment-linked insurance policy for himself from an approved insurer shall apply to the Board to withdraw the amount required.
(2) An application made by a member under paragraph (1) may be approved subject to such terms, conditions and procedures as the Board may impose.
(3) Subject to paragraph (4), upon the maturity or surrender of the insurance policy or the investment-linked insurance policy purchased or maintained by a member under this regulation, all moneys payable to the member shall be transferred forthwith by the approved insurer to the special account of the member.
[S 44/2011 wef 01/02/2011]
(4) When the Board approves an insurance policy or investment‑linked insurance policy purchased or maintained by a member under this regulation for the purposes of section 15AA(3)(b) of the Act or a former provision, the following apply:
(a)
the insurance policy or investment‑linked insurance policy is withdrawn from the investment scheme introduced under this regulation, and is to be dealt with in accordance with the applicable regulations;
(b)
the approved insurer ceases to be liable under paragraph (3) to transfer the moneys payable to the member under that insurance policy or investment‑linked insurance policy to the special account of the member;
(c)
subject to the applicable regulations, the member ceases to be obliged to repay to the Fund any proceeds or benefits of that insurance policy or investment‑linked insurance policy.
[S 595/2018 wef 01/10/2018]
[S 122/2022 wef 01/03/2022]
(5) For the purposes of paragraph (4), “applicable regulations” means such of the following regulations as may be applicable to the member referred to in that paragraph:
(a)
the Central Provident Fund (Retirement Sum Scheme) Regulations (Rg 16);
[S 652/2016 wef 01/01/2017]
(b)
the Central Provident Fund (Revised Retirement Sum Scheme) Regulations (Rg 2);
[S 652/2016 wef 01/01/2017]
(c)
the Central Provident Fund (New Retirement Sum Scheme) Regulations (Rg 31).