Central Provident Fund (Home Protection Insurance Scheme) Regulations 2024

No. S 281

Central Provident Fund Act 1953

Central Provident Fund
(Home Protection Insurance Scheme)
Regulations 2024

In exercise of the powers conferred by section 39 of the Central Provident Fund Act 1953, the Minister for Manpower makes the following Regulations:

PART 1

PRELIMINARY

Citation and commencement

1. These Regulations are the Central Provident Fund (Home Protection Insurance Scheme) Regulations 2024 and come into operation on 1 April 2024.

Definitions

2.—(1) In these Regulations —

“AP cover” means an annual premium insurance cover provided under the Scheme;

“applicable refund” means a refund in accordance with regulation 24;

“approved developer” and “housing accommodation” have the meanings given by section 87 of the Housing and Development Act 1959;

“CPF member” has the same meaning as “member of the Fund” or “member” in section 2(1) of the Act;

“housing loan” means —

(a)	a loan obtained by a Scheme member from a Housing Authority or an approved mortgagee for the purchase of a property from the Housing Authority or an approved developer; or
(b)	a loan obtained by a Scheme member from a Housing Authority or an approved mortgagee to finance or re‑finance the purchase of a property from the Housing Authority or an approved developer;

“insured sum” means the outstanding cover on the death or incapacity of a Scheme member, as the case may be;

“mortgage” includes any charge on a property;

“outstanding cover”, in relation to a Scheme member’s insurance cover under the Scheme on a particular date, means the total amount payable under that insurance cover calculated as of that date in accordance with the applicable Table in the Third Schedule;

“policy year”, in relation to an SP cover or an AP cover, means each period of 12 months since the start of the SP cover or the AP cover, as the case may be;

“property” means a house or flat or any estate or interest in a house or flat purchased by a Scheme member from a Housing Authority, or any housing accommodation or any estate or interest in any housing accommodation purchased by a Scheme member from an approved developer;

“revoked Regulations” means the Central Provident Fund (Home Protection Insurance Scheme) Regulations (Rg 11);

“Scheme” means the Home Protection Insurance Scheme established and maintained by the Board under section 29(1) of the Act;

“SP cover” means a single premium insurance cover provided under the Scheme;

“surrender value”, in relation to a Scheme member’s SP cover on any particular date, is the amount determined in accordance with the applicable Table in the First Schedule for the outstanding cover of that SP cover on that date.

(2) In these Regulations, a reference to the deduction of a premium by the Board refers to the deduction of the amount of the premium from a member’s account in the Fund under section 32 of the Act.

Made on 28 March 2024.

NG CHEE KHERN

Permanent Secretary,
Ministry of Manpower,
Singapore.

[Plg&Pol/CPFPol/Legis/CPFSL/2024; AG/LEGIS/SL/36/2020/26 Vol. 1]

(To be presented to Parliament under section 78(2) of the Central Provident Fund Act 1953).

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