On 18/06/2013,
you requested for the version in force on 18/06/2013
incorporating all amendments published on or before 18/06/2013.
The closest version currently available is that of 01/01/2013.
PART III
APPLICATION OF SCHEME TO PERSONS INSURED ON OR AFTER 1ST MARCH 2001
9. This Part shall apply to every person (referred to in this Part as an insured) who —
(a)
becomes a member of the Scheme on or after 1st March 2001;
(b)
was a member of the Scheme on 28th February 2001 and remains a member with regard to any property he has purchased from a Housing Authority and who —
(i)
has adjusted his housing loan on or after 1st March 2001; and
(ii)
has not made an application under regulation 11(1) or whose application under regulation 11(1) has not been approved by the Board;
(c)
being a member of the Scheme on 28th February 2001, attains the age of 60 years on 28th February 2001 and chooses to continue to be covered by the Scheme; or
(d)
being a member of the Scheme on 28th February 2001, attains the age of —
(i)
55 years after that date if he became a member before 1st March 1995; or
(ii)
60 years after that date if he became a member on or after 1st March 1995,
as the case may be.
10.
—(1) Every insured referred to in regulation 9(b), (c) or (d) shall cease to be covered by Part II —
(a)
in the case of an insured referred to in regulation 9(b), on the date the insured adjusted his housing loan, but where such date cannot reasonably be determined by the Board, then on the date the Board was notified that the insured has adjusted his housing loan;
(b)
in the case of an insured referred to in regulation 9(c), upon the insured choosing to continue to be covered by the Scheme; or
(c)
in the case of an insured referred to in regulation 9(d), upon the insured attaining the age of —
(i)
55 years after 28th February 2001 if he became a member before 1st March 1995; or
(ii)
60 years after 28th February 2001 if he became a member on or after 1st March 1995,
as the case may be.
(2) Subject to regulation 22A, upon the cessation of cover under Part II, an insured shall be covered under Part III and the Board shall, subject to such terms and conditions as it may impose, refund to the insured by crediting to his account in the Fund an amount that is the surrender value of an insured’s cover under Part II calculated in accordance with the applicable Table set out in the First Schedule and ascertained on the date of the cessation of the cover, unless the Board has earlier made any payment to the insured in respect of any previous claims made under the Scheme.
11.
—(1) An insured who —
(a)
was a member of the Scheme on 28th February 2001 and remains a member with regard to any property he has purchased from a Housing Authority; and
(b)
has adjusted his housing loan on or after 1st March 2001,
may apply to the Board at any time to continue to be covered under Part II.
(2) An application under paragraph (1) shall be made in such manner as the Board may determine.
(3) The Board may approve an application under paragraph (1) subject to such terms and conditions as the Board may impose.
11A.
—(1) In the case of a member of the Scheme whom the Board is satisfied is in good health at the time he joins the Scheme in respect of a property, the maximum amount for which he may be insured under the Scheme in respect of the property shall be the amount of the housing loan obtained for, or to finance or re-finance, the purchase of the property.
(2) In the case of a member of the Scheme who was insured under the Scheme in respect of any immovable property (referred to in this paragraph as the first property), who purchases another immovable property (referred to in this paragraph as the second property) from a Housing Authority, and whom the Board has permitted to join the Scheme under section 31(2) of the Act in respect of the second property, the maximum amount for which he may be insured under the Scheme in respect of the second property shall be the lower of —
(a)
the amount for which he would have been insured under the Scheme in respect of the first property on the date of the commencement of cover under the Scheme in respect of the second property, had he continued to be insured under the Scheme in respect of the first property on that date; or
(b)
the amount of the housing loan obtained for, or to finance or re-finance, the purchase of the second property which he is liable to repay.
[S 735/2011 wef 30/12/2011]
12.
—(1) An insured to which this Part applies shall pay a premium based on the extent to which he is covered under the Scheme calculated in accordance with Table 1B, 2B, 3B or 4B, as the case may be, of the Second Schedule.
(1A) In the case of a member of the Scheme who was insured under the Scheme in respect of any immovable property (referred to in this paragraph as the first property), who purchases another immovable property (referred to in this paragraph as the second property) from a Housing Authority, and whom the Board has permitted to join the Scheme under section 31(2) of the Act in respect of the second property, for the purpose of determining the premium payable by him under paragraph (1), each reference to “TERM OF LOAN” in Table 1B, 2B, 3B or 4B, as the case may be, of the Second Schedule shall be construed as a reference to the shorter of the following periods:
(a)
the period that would have been the remainder of the term of the housing loan obtained for, or to finance or re-finance, the purchase of the first property, as determined on the date of the commencement of cover under the Scheme in respect of the second property, had he continued to be insured under the Scheme in respect of the first property on that date; or
(b)
the term of the housing loan obtained for, or to finance or re-finance, the purchase of the second property.
[S 735/2011 wef 30/12/2011]
(2) The premium shall be payable annually at the beginning of each policy year.
(3) The first premium required to be paid by an insured or, as the case may be, a member in accordance with regulation 13(2) shall become payable on —
(a)
the earliest of —
(i)
the date of commencement of the housing loan if the loan document or the instrument of mortgage of the property has been executed before such commencement;
(ii)
the date of the possession of the property by the insured; and
(iii)
the date of withdrawal of any money standing to the credit of the account of the insured for repayment of instalments of the housing loan, if the loan document or the instrument of mortgage has been executed before such withdrawal; or
(b)
such other date as the Board may, in its discretion, determine.
(4) In this regulation, “loan document” means any agreement or other document evidencing a loan granted by the Housing Authority or approved mortgagee to a member of the Scheme for the purchase of an immovable property.
13.
—(1) The annual premium payable by an insured under this Part may —
(a)
be deducted by the Board in the manner authorised by section 32(2) or (3) of the Act; or
(b)
be paid in such other manner as may be approved by the Board.
(2) Notwithstanding paragraph (1), a member may pay the annual premium payable by an insured under this Part on the insured’s behalf if the member is the insured’s spouse and jointly owns the property with the insured.
14.
—(1) An insured to which this Part applies shall be covered under the Scheme, where the first premium required to be paid under the Scheme has been paid, with effect from the date the first premium became payable under regulation 12.
(2) Where a member of the Scheme fails to pay the first premium in such manner and within such time as specified by the Board in a notice to the member or within such further time as the Board may allow, the member shall not be covered under the Scheme but he may apply to the Board to be covered under the Scheme subject to such terms and conditions as the Board may impose.
(3) Where the Board has approved the member’s application to be covered under the Scheme under paragraph (2), the member shall be covered under the Scheme only with effect from the date the annual premium required to be paid for the first year of cover under the Scheme becomes payable under regulation 12.
(4) If a member of the Scheme fails to pay the annual premium required to be paid for any subsequent year of cover under the Scheme in such manner and within such time as specified by the Board in a notice to the member or within such further time as the Board may allow, the member’s cover under the Scheme shall not be renewed but he may apply to the Board for the renewal of his cover under the Scheme subject to such terms and conditions as the Board may impose.
(5) Where the Board has approved the member’s application to renew his cover under the Scheme under paragraph (4), the member shall be covered under the Scheme only with effect from the date the annual premium becomes payable under regulation 12.
15.
—(1) Where the date for the repayment of the housing loan or the date for the discharge of the mortgage of the property falls on or before the date an insured attains the age of 65 years, the period of cover shall end on the day the housing loan is repaid or the mortgage is discharged.
(2) Where the date for the repayment of the housing loan or the date for the discharge of the mortgage of the property falls after the date an insured attains the age of 65 years, the period of cover shall end on the eve of the day in the period of 12 months immediately after he attains the age of 65 years that corresponds with the day the premium was payable.
16. Where an insured has sold, transferred or otherwise disposed of his property —
(a)
he shall cease to be covered under the Scheme on the date the sale, transfer or disposition of the property by him is completed; and
(b)
subject to regulation 22A, the Board shall, subject to such terms and conditions as it may impose, refund to the insured by crediting to his account in the Fund an amount that is a proportion of the premium that corresponds to the unexpired portion of the cover in the policy year.
17.
—(1) Subject to regulation 22A, where the Board is exempted from making any payment to an insured under the Scheme by section 36(9)(a), (b) or (c) of the Act, the Board shall, subject to such terms and conditions as it may impose, refund to the insured by crediting to his account in the Fund an amount which the Board determines to be all the premiums paid by the insured under the Scheme.
(2) Subject to regulation 22A, where the Board is exempted from making any payment to an insured under the Scheme by section 36(9)(d) or (10) of the Act, the Board shall, subject to such terms and conditions as it may impose, refund to the insured by crediting to his account in the Fund an amount that is a proportion of the premium that corresponds to the unexpired portion of the cover in the policy year.
(3) For the purposes of paragraph (2), the amount of refund shall be calculated —
(a)
in a case where the Board is exempted from making any payment to an insured under the Scheme by section 36(10) of the Act and the Board has terminated his insurance cover under regulation 19B(1)(b), in accordance with regulation 19B; or
(b)
in any other case, with reference to the date of the death or incapacity of the insured, as the case may be.
18.
—(1) Subject to regulation 22A, where the housing loan of an insured has been fully redeemed or reduced (whether by a partial discharge of the mortgaged property or otherwise), the Board shall, subject to such terms and conditions as it may impose, refund to the insured by crediting to his account in the Fund an amount that is a proportion of the premium that corresponds to the unexpired portion of the cover in the policy year, calculated with reference to the date of the full redemption or reduction of the housing loan, as the case may be.
(2) For the purposes of this regulation, where the date of the full redemption or reduction of the housing loan cannot reasonably be determined by the Board, then the amount of refund prescribed in paragraph (1) shall be calculated with reference to the date on which the Board was notified of the full redemption or reduction of the housing loan, as the case may be.