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Contents

Long Title

Part I PRELIMINARY

Part II DEPOSIT INSURANCE SCHEME

Part III DEPOSIT INSURANCE FUND

Part IV PREMIUM CONTRIBUTIONS FOR DI SCHEME

Part V COMPENSATION UNDER DI SCHEME

Part VI POLICY OWNERS’ PROTECTION SCHEME

Part VII POLICY OWNERS’ PROTECTION LIFE FUND AND POLICY OWNERS’ PROTECTION GENERAL FUND

Part VIII LEVIES FOR PPF SCHEME

Part IX COMPENSATION AND USE OF PPF LIFE FUND AND PPF GENERAL FUND

Part X deposit insurance AND POLICY OWNERS’ PROTECTION FUND AGENCY

Part XI OFFENCES

Part XII FINANCIAL AND AUDIT PROVISIONS

Part XIII MISCELLANEOUS

FIRST SCHEDULE Insured deposit and Maximum DI Coverage

SECOND SCHEDULE Categories of insured policies

THIRD SCHEDULE Protected liabilities

FOURTH SCHEDULE Protection ratio

FIFTH SCHEDULE Provisions applicable to the holding and payment of compensation by the Public Trustee to persons entitled to payment of compensation under this Act

SIXTH SCHEDULE Financial provisions with respect to DI Fund, PPF Life Fund and PPF General Fund

SEVENTH SCHEDULE Financial provisions with respect to Agency

Legislative History

Comparative Table

 
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Related Subsidiary Legislation | Legislative History | Amendment Annotation off
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On 19/06/2013, you requested for the version in force on 19/06/2013 incorporating all amendments published on or before 19/06/2013. The closest version currently available is that of 20/12/2012.
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Additional levies where PPF Life Fund or PPF General Fund insufficient to pay compensation
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.