On 19/05/2013,
you requested for the version in force on 19/05/2013
incorporating all amendments published on or before 19/05/2013.
The closest version currently available is that of 29/04/2011.
PART VIII
LEVIES FOR PPF SCHEME
37.
—(1) Every PPF Scheme member shall, from the effective date appointed under section 46(5), pay a levy for any premium year or part thereof in respect of the insured policies issued by the PPF Scheme member.
(2) Subject to the provisions of this Act, the levy shall be of such amount as may be computed by the Authority under section 38.
(3) The premium year for the PPF Scheme shall be such period as may be prescribed in regulations under subsection (4).
(4) The Authority may make regulations for the purpose of prescribing the premium year.
38.
—(1) The Authority shall assess and determine the levy rates for the purposes of computing the levies payable by PPF Scheme members.
(2) The Authority shall, on the basis of the levy rates determined under subsection (1) and —
(a)
the aggregate protected liabilities of a PPF Scheme member, in respect of —
(i)
insured policies covered under the PPF Life Fund; or
(ii)
insured policies covered under the PPF General Fund where the PPF Scheme member is not taking in any new insurance business or renewing any existing insurance policy; or
(b)
subject to paragraph (a)(ii), the gross premium income of a PPF Scheme member, in respect of insured policies covered under the PPF General Fund,
compute the amount of levy payable by the PPF Scheme member for any premium year or part thereof.
(3) For the purposes of assessing and determining the levy rates and computing the levies payable, the Authority may, in consultation with the Agency, make regulations for or in respect of all or any of the following matters:
(a)
the establishment of a system of classifying PPF Scheme members into different categories;
(b)
the criteria and procedure for determining the category in which a PPF Scheme member is to be classified;
(c)
the prescribing of the levy rate applicable to each category of PPF Scheme members;
(d)
the manner in which the levy rate for each category of PPF Scheme members is to be determined;
(e)
the prescribing of a minimum levy payable by PPF Scheme members;
(f)
the manner in which the amount of levy for each category of PPF Scheme members is to be determined;
(g)
the computation of levy payable on a pro rata basis where a life insurer or general insurer becomes a PPF Scheme member, or is no longer exempted from the requirement to be a PPF Scheme member, at any time during a premium year;
(h)
the size of the PPF Life Fund and the PPF General Fund;
(i)
such other matters as the Authority considers necessary.
(4) Regulations made pursuant to or dealing with the matters referred to in subsection (3)(c) or (d) may provide for different levy rates for different categories of PPF Scheme members.
(5) If the Authority wishes to amend or vary any regulations made under subsection (3), such regulations shall not be amended or varied without consulting the Agency.
(6) For the purposes of computing the levies payable, insured policies covered under the PPF Life Fund shall be classified into any of the categories in the Second Schedule.
39.
—(1) Where the Authority has computed the amount of levy payable by any PPF Scheme member for any premium year or part thereof under section 38(2), the Authority shall notify the Agency accordingly.
(2) Upon receipt of the notification referred to in subsection (1), the Agency shall, within a reasonable time prior to the date on which the PPF Scheme member is required to pay its levy under the PPF Scheme for that premium year or part thereof, give the PPF Scheme member notice in writing of the amount of levy payable and the date by which such levy shall be paid.
40.
—(1) Where, in the opinion of the Authority, there are insufficient moneys in the PPF Life Fund or the PPF General Fund, as the case may be, to pay any compensation due to insured policy owners or beneficiaries, or to fund any transfer or run-off of the insurance business of any failed PPF Scheme member under this Act, the Authority may, with the concurrence of the Agency, determine —
(a)
that PPF Scheme members shall be required to pay additional levies for any premium year or part thereof; and
(b)
the levy rate or rates for the purposes of computing the additional levies.
(2) Where a determination is made under subsection (1) —
(a)
the Authority shall, as soon as practicable —
(i)
publish a notice in the Gazette of the requirement to pay additional levies and the levy rate or rates for the purposes of computing the additional levies referred to in subsection (1); and
(ii)
compute the additional levies payable by PPF Scheme members for that premium year or part thereof and notify the Agency accordingly; and
(b)
the Agency shall, upon receipt of the notification referred to in paragraph (a)(ii), give notice in writing to every PPF Scheme member of the additional levy that that PPF Scheme member is required to pay for that premium year or part thereof and the date by which the additional levy shall be paid.
(3) Notwithstanding subsections (1) and (2), no PPF Scheme member shall, without the prior approval of the Minister, be required to pay additional levy for any premium year exceeding such percentage of the protected liabilities or gross premium income, as the case may be, of the PPF Scheme member as the Minister may, by order published in the Gazette, prescribe.
(4) For the purposes of subsection (3), the insured policy base or gross premium income, as the case may be, of any PPF Scheme member shall be determined on such date as the Authority may notify in the Gazette for computing the amounts of additional levies payable by PPF Scheme members.
41.
—(1) Where any PPF Scheme member is given notice in writing to pay any levy under section 39(2) or any additional levy under section 40(2) for any premium year or part thereof, the PPF Scheme member shall pay to the Agency on or before the date of payment specified in the notice, the amount of levy or additional levy, as the case may be, that the PPF Scheme member is required to pay for that premium year or part thereof.
(2) Subject to subsection (3), if a PPF Scheme member fails to pay the levy or additional levy or any part thereof on or before the date of payment specified in the notice in contravention of subsection (1) —
(a)
the Agency may, by notice in writing, impose on the PPF Scheme member such late payment fee as the Agency may by Rules determine; and
(b)
the PPF Scheme member shall pay to the Agency the late payment fee together with the unpaid levy or additional levy, as the case may be, on or before the date of payment specified in the notice under paragraph (a).
(3) The late payment fee referred to in subsection (2) shall not exceed the amount of levy or additional levy, as the case may be, owing by the PPF Scheme member.
(4) The amount of levy or additional levy owing by the PPF Scheme member and the late payment fee shall be paid in such manner as may be specified in the Rules.
(5) Without prejudice to any other remedy, any levy, additional levy or late payment fee payable under this Act shall be recoverable as a debt due to the Agency by the PPF Scheme member.
(6) Where the Agency has commenced any legal proceedings in a court in Singapore to recover any levy, additional levy or late payment fee from a PPF Scheme member, the Agency shall be entitled to claim costs on a full indemnity basis from that PPF Scheme member.
42. The Agency may, with the approval of the Minister, refund or remit in whole or in part any levy or additional levy paid or payable by any PPF Scheme member under this Act.
43.
—(1) Where it appears to the Authority that a PPF Scheme member has paid any levy or additional levy in excess of the amount payable under this Act, the Authority shall notify the Agency accordingly.
(2) Upon receipt of the notification referred to in subsection (1), the Agency shall refund to the PPF Scheme member the amount of levy or additional levy paid in excess.
44.
—(1) Where it appears to the Authority —
(a)
that the levy for any premium year or part thereof —
(i)
computed by the Authority under section 38(2) and notified to the Agency under section 39(1); or
(ii)
in respect of which a PPF Scheme member has been required to pay under section 39(2) or has so paid; or
(b)
that the additional levy for any premium year or part thereof —
(i)
computed by the Authority and notified to the Agency under section 40(2)(a); or
(ii)
in respect of which a PPF Scheme member has been required to pay under section 40(2)(b) or has so paid,
is of an amount less than that which ought to have been computed, imposed or paid (referred to in this section as shortfall), the Authority may at any time during a period of 6 years after the premium year during which there is a shortfall, re-compute such amount of levy or additional levy which ought to have been computed, imposed or paid, as the case may be, under this Act.
(2) Sections 39, 40 and 41 shall apply, with the necessary modifications, to any amount of levy or additional levy re-computed under subsection (1) and the recovery of any shortfall in levy or additional levy upon a re-computation under that subsection as if the reference to levy or additional levy were a reference to the shortfall amount which is the difference between —
(a)
the amount of levy or additional levy as re-computed; and
(b)
the amount of levy or additional levy that was originally computed, imposed or paid, as the case may be, under this Act.
45.
—(1) Subject to subsections (2) and (3), no PPF Scheme member or officer of any PPF Scheme member shall disclose to any person —
(a)
the levy rate applicable to the PPF Scheme member;
(b)
the category in which the PPF Scheme member is classified pursuant to section 38;
(c)
where the system of classifying a PPF Scheme member incorporates a rating of the PPF Scheme member based on the assessment by the Authority of the risks arising from the activities of the PPF Scheme member, the rating of the PPF Scheme member; and
(d)
any information which if disclosed, would enable any of the information referred to in paragraph (a), (b) or (c) to be identified or deduced.
(2) Notwithstanding subsection (1), a PPF Scheme member or an officer of a PPF Scheme member may disclose to —
(a)
any director or officer of the PPF Scheme member;
(b)
in the case where the PPF Scheme member is a branch, the head office, parent corporation or parent supervisory authority of the PPF Scheme member;
(c)
in the case where the PPF Scheme member is a company which is a subsidiary of a foreign corporation, the foreign corporation or the parent supervisory authority of the foreign corporation; or
(d)
such other person or class of persons as the Authority may approve,
any of the matters referred to in subsection (1) where such disclosure is necessary for the performance of the duties of the person referred to in paragraph (a), (b) or (c), as the case may be.
(3) No person to whom the PPF Scheme member or officer of the PPF Scheme member has disclosed information pursuant to subsection (2) shall disclose that information to any other person except as approved by the Authority.
(4) Any person who contravenes subsection (1) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both.