Singapore Statutes Online - 15 - Deposit Insurance and Policy Owners’ Protection Schemes Act 2011

On 18/05/2013, you requested for the version in force on 18/05/2013 incorporating all amendments published on or before 18/05/2013. The closest version currently available is that of 29/04/2011.

SECOND SCHEDULE

Sections 38(6) and 47(1)

Categories of Insured Policies

Insured policies shall be classified into one of the following 4 categories:

(a)

Category 1 insured policies, comprising any of the following types of policies or riders:

(i)

any individual accident and health policy;

(ii)

any rider to an individual policy, with the exception of a term rider which accelerates the payment of part or all of the sum assured stated in the policy or provides for a payout of an additional sum of money over and above the sum assured stated in the policy upon occurrence of a claim event;

(iii)

any group health policy;

(iv)

any group personal accident policy;

(v)

the part of any insured policy, whether or not it is a Category 1 insured policy, comprising the accumulated values (including interest which has accrued on such values) of coupon deposits, advance premium payments and unclaimed moneys under such insured policy, where applicable;

(b)

Category 2 insured policies, comprising any of the following types of policies or riders:

(i)

any individual policy or rider (other than a Category 1 or 3 insured policy);

(ii)

any voluntary group term policy;

(iii)

any voluntary group whole life policy;

(iv)

any voluntary group endowment policy;

(v)

any term rider which accelerates the payment of all or part of the sum assured stated in the policy or provides for a payout of an additional sum of money over and above the sum assured stated in the policy upon occurrence of a claim event,

except that any accident and health benefit (other than those benefits that accelerate the payment of part or all of the sum assured stated in the policy) payable under any such policy, shall be classified as a Category 1 insured policy;

(c)

Category 3 insured policies, comprising any annuity where the policy owner is an individual and any voluntary group annuity policy;

(d)

Category 4 insured policies, comprising any non-voluntary group insurance policy (which is a non-voluntary group term policy, non-voluntary group whole life policy, non-voluntary group endowment policy or non-voluntary group annuity policy).