On 20/06/2013,
you requested for the version in force on 20/06/2013
incorporating all amendments published on or before 20/06/2013.
The closest version currently available is that of 29/04/2011.
FOURTH SCHEDULE
Sections 2(1) and 47(1) and Third Schedule
Protection Ratio
1. In this Schedule —
“Maximum Annuity Sum” means the amount of $100,000;
“Maximum Group Sum Assured” means the amount of $100,000;
“Maximum Group Surrender Value” means the amount of $50,000;
“Maximum Sum Assured” means the amount of $500,000;
“Maximum Surrender Value” means the amount of $100,000.
2. For the purposes of section 47 and the Third Schedule, the protection ratio shall be determined in the following manner:
(a)
in the case of Category 1 insured policies, 1;
(b)
for the sum assured for Category 2 insured policies, in respect of each life assured —
(i)
the ratio of the Maximum Sum Assured to the aggregate amount of the sum assured on that life assured guaranteed under all such policies (other than term riders which accelerate the payment of all or part of the sum assured stated in the policy), upon the occurrence of a claim event (including term riders which provide additional payout of sum assured upon the occurrence of a claim event); or
(ii)
1,
whichever is the lower;
(c)
for the surrender value for Category 2 insured policies, in respect of each life assured —
(i)
the ratio of the Maximum Surrender Value to the aggregate amount of the surrender value guaranteed (in the event that the insured policy owner has given notice in writing to the failed PPF Scheme member to surrender the policy) under all such policies; or
(ii)
1,
whichever is the lower;
(d)
in the case of Category 3 insured policies, in respect of each life assured —
(i)
the ratio of the Maximum Annuity Sum to the aggregate amount of commuted value of benefits guaranteed under all such policies; or
(ii)
1,
whichever is the lower;
(e)
in the case of Category 4 insured policies, in respect of each life assured per policy —
(i)
for the sum assured under a group policy —
(A)
the ratio of the Maximum Group Sum Assured to the amount of sum assured guaranteed under each group term, endowment policy or whole life policy, as the case may be; or
(B)
1,
whichever is the lower;
(ii)
for the surrender value under a group policy —
(A)
the ratio of the Maximum Group Surrender Value to the amount of surrender value guaranteed for each group endowment or whole life policy, as the case may be; or
(B)
1,
whichever is the lower;
(iii)
for the commuted value of group annuity —
(A)
the ratio of the Maximum Annuity Sum to the amount of commuted value of guaranteed benefits for each group annuity policy; or
(B)
1,
whichever is the lower.