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 VII
POLICY OWNERS’ PROTECTION LIFE FUND AND POLICY OWNERS’ PROTECTION GENERAL FUND
34.
—(1) There shall be established under the PPF Scheme 2 funds to be called —
(a)
the Policy Owners’ Protection Life Fund to cover insured policies comprised in insurance funds established and maintained under section 17 of the Insurance Act (Cap. 142) by direct insurers registered to carry on life business; and
(b)
the Policy Owners’ Protection General Fund to cover insured policies comprised in insurance funds established and maintained under section 17 of the Insurance Act by direct insurers registered to carry on general business.
(2) There shall be paid into the PPF Life Fund —
(a)
all levies, additional levies and late payment fees paid by PPF Scheme members under this Act in respect of the insured policies comprised in insurance funds established and maintained under section 17 of the Insurance Act by direct insurers registered to carry on life business;
(b)
all moneys borrowed by the Agency for the purpose of performing its functions under this Act in respect of the insured policies comprised in insurance funds established and maintained under section 17 of the Insurance Act by direct insurers registered to carry on life business;
(c)
all moneys recovered by the Agency from, or out of the assets of, failed PPF Scheme members under this Act in respect of the PPF Scheme for life business;
(d)
any interest, dividend and other income derived from the investment of the moneys in the PPF Life Fund; and
(e)
all other moneys lawfully paid into the PPF Life Fund.
(3) There shall be paid into the PPF General Fund —
(a)
all levies, additional levies and late payment fees paid by PPF Scheme members under this Act in respect of the insured policies comprised in insurance funds established and maintained under section 17 of the Insurance Act by direct insurers registered to carry on general business;
(b)
all moneys borrowed by the Agency for the purpose of performing its functions under this Act in respect of the insured policies comprised in insurance funds established and maintained under section 17 of the Insurance Act by direct insurers registered to carry on general business;
(c)
all moneys recovered by the Agency from, or out of the assets of, failed PPF Scheme members under this Act in respect of the PPF Scheme for general business;
(d)
any interest, dividend and other income derived from the investment of the moneys in the PPF General Fund; and
(e)
all other moneys lawfully paid into the PPF General Fund.
(4) The PPF Life Fund and the PPF General Fund shall be used for the objects and purposes of the PPF Scheme as provided in this Act, and shall, subject to the directions of the Minister, be controlled and administered by the Agency.
(5) The PPF Life Fund shall be maintained by the Agency separately and apart from the PPF General Fund and the DI Fund.
(6) The PPF General Fund shall be maintained by the Agency separately and apart from the PPF Life Fund and the DI Fund.
(7) For the avoidance of doubt, the PPF Life Fund and the PPF General Fund shall not be funds of the Agency or the Authority.
35.
—(1) In carrying out the objects and purposes of the PPF Scheme, the moneys in the PPF Life Fund and the PPF General Fund may be withdrawn and applied as the Agency considers proper for all or any of the following purposes only:
(a)
all expenses incurred in or incidental to —
(i)
the establishment and maintenance of the PPF Scheme;
(ii)
the administration and management of the PPF Life Fund and the PPF General Fund;
(iii)
the administration and management of the Agency and the performance of the duties and functions of the Agency in respect of the PPF Scheme under this Act;
(iv)
the conduct of any investigation by the Agency for the purpose of determining the entitlement of insured policy owners or beneficiaries to any compensation;
(v)
the transfer of the whole or part of the insurance business of a failed PPF Scheme member to another insurer; and
(vi)
the run-off of the insurance business of a failed PPF Scheme member;
(b)
the payment of any fees to agents appointed by the Agency for the purposes of carrying out any services in respect of the PPF Scheme under this Act;
(c)
the withdrawal of all other moneys authorised or determined to be paid out of the PPF Life Fund and the PPF General Fund in accordance with this Act.
(2) Notwithstanding subsection (1), the Authority may recover from the Agency out of the PPF Life Fund and the PPF General Fund, all expenses incurred by the Authority in the establishment of the Agency and in connection with the discharge of the functions and responsibilities of the Authority under sections 38, 39 and 40.
36.
—(1) The Agency may invest any moneys in the PPF Life Fund and the PPF General Fund in all or any of the following:
(a)
any security issued by the Government or the Authority;
(b)
Singapore dollar deposits placed with the Authority;
(c)
any debenture or debt security issued by Singapore Sukuk Pte. Ltd.;
(d)
such other investments, with the objects of capital preservation and maintenance of liquidity, as may be approved by the Minister.
(2) The Agency may delegate, on such conditions or restrictions as it thinks fit, all or any of its powers and functions under subsection (1) to such employee or agent as it may appoint.
(3) The Agency may pay to any person appointed under subsection (2) a reasonable fee for any service rendered in exercise of any power and function delegated to that person under that subsection.
(4) The Agency may continue to exercise any power conferred upon it or perform any function under subsection (1) notwithstanding the delegation of such power or function to an employee or agent under this section.