No. S 632
Central Provident Fund Act
(Chapter 36)
Central Provident Fund (Exemption for Protection of Benefits under Part V Assurance) Order 2007
In exercise of the powers conferred by section 69 of the Central Provident Fund Act, the Minister for Manpower hereby makes the following Order:
Citation and commencement
1.  This Order may be cited as the Central Provident Fund (Exemption for Protection of Benefits under Part V Assurance) Order 2007 and shall come into operation on 28th December 2007.
Definitions
2.  In this Order, unless the context otherwise requires —
“automatic premium loan feature” means a feature in a life or endowment assurance which allows the issuer of the assurance to advance and set-off, against any cash value of the assurance, an amount for the payment of —
(a)any premium of the assurance which is in arrears after any grace period, so as to protect the benefits under the assurance; and
(b)any interest payable for the advance;
“Part V Assurance” means a life or endowment assurance effected under Part V of Statute 18 (as defined in section 18(8) of the National University of Singapore (Corporatisation) Act (Cap. 204A)).
Exemption
3.  Section 24(2) of the Act and regulation 6 of the Central Provident Fund (Investment Schemes) Regulations (Rg 9) shall not apply to a member, in respect of any Part V Assurance held by him which has an automatic premium loan feature, only to the extent that the issuer of the Part V Assurance may advance and set-off (under the automatic premium loan feature), against any cash value of the Part V Assurance, an amount for the payment of —
(a)any premium of the Part V Assurance which is in arrears after any grace period, so as to protect the benefits under the Part V Assurance; and
(b)any interest payable for the advance.
Made this 5th day of November 2007.
LEO YIP
Permanent Secretary,
Ministry of Manpower,
Singapore.
[MMC 39.1/62 V3; AG/LEG/SL/36/2005/35 Vol. 1]