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padding-left:0px; } /*sdic sm notices ppf table*/ .tg {border-collapse:collapse;border-spacing:0;} .tg td{border-color:black;border-style:solid;border-width:1px;font-family:Arial, sans-serif;font-size:14px; overflow:hidden;padding:10px 5px;word-break:normal;} .tg th{border-color:black;border-style:solid;border-width:1px;font-family:Arial, sans-serif;font-size:14px; font-weight:normal;overflow:hidden;padding:10px 5px;word-break:normal;} .tg .tg-gl6i{background-color:#005e9b;border-color:#000000;color:#ffffff;text-align:left;vertical-align:top} .tg .tg-73oq{border-color:#000000;text-align:left;vertical-align:top} /* sm sdic contacts list table */ .tg {border-collapse:collapse;border-spacing:0;} .tg td{border-color:black;border-style:solid;border-width:1px;font-family:Arial, sans-serif;font-size:14px; overflow:hidden;padding:10px 5px;word-break:normal;} .tg th{border-color:black;border-style:solid;border-width:1px;font-family:Arial, sans-serif;font-size:14px; 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class="vc_column-inner vc_custom_1672966497489"><div class="wpb_wrapper"> <div class="wpb_text_column wpb_content_element "> <div class="wpb_wrapper"> <h2><strong><span style="color: #265e95">Activation of PPF Fund</span><br> </strong></h2> </div> </div> <div class="wpb_text_column wpb_content_element "> <div class="wpb_wrapper"> <h5><span style="color: #265e95">Conditions for activation</span></h5> <p>MAS may activate the use of the funds for life business under the PPF Scheme (PPF Life Fund), or the funds for general business under the PPF Scheme (PPF General Fund) if:</p> <ul> <li>A court order has been made to wind up a PPF Scheme member;</li> <li>A PPF Scheme member is voluntarily wound up, or where the Scheme member is a co-operative society, has its registration cancelled;</li> <li>MAS has determined that a PPF Scheme member is insolvent, unable or likely to become unable to meet its obligations, or about to suspend payments; or</li> <li>MAS is exercising, is likely to exercise, or has exercised on a PPF Scheme member, its powers under Part IVB of the Monetary Authority of Singapore Act.</li> </ul> </div> </div> <div class="wpb_text_column wpb_content_element "> <div class="wpb_wrapper"> <h5><span style="color: #265e95">The PPF Fund may then be used for one or more of the following purposes: </span></h5> <ul> <li>The PPF Fund can be used to compensate policy owners for claims, surrenders of policies, maturity of policies and ongoing annuity payments which occurred before MAS decides to activate the use of the PPF Fund.</li> <li>If the business is sold to another insurer, the PPF Fund can be used to fund the transfer. The insurer taking over must provide coverage to policy owners up to an amount no less than what they are covered under the PPF Scheme.</li> <li>If the business is being run off, the PPF Fund will continue to provide coverage until all policies have matured or expired. Similarly, the coverage to policy owners is up to an amount no less than what they are covered under the PPF Scheme.</li> <li>If the policies are terminated, the PPF Fund can be used to compensate policy owners.</li> </ul> </div> </div> <div class="wpb_text_column wpb_content_element "> <div class="wpb_wrapper"> <h5> <span style="color: #265e95">Activation of PPF Life Fund – Impact on Policy Owners</span><strong><br> </strong> </h5> <p>Upon the activation of the PPF Life Fund, policy owners would be affected depending on the course of action decided by MAS as follows:</p> <ul> <li>In the event of a transfer, the buyer of the life business would take over the liability of providing coverage for policy owners after the effective date of transfer. For policy owners who have aggregate policies exceeding the PPF caps, MAS may choose to reduce coverage according to the applicable protection ratios and guaranteed policy liabilities. If so, future premiums that policy owners have to pay may also be reduced accordingly., SDIC would also compensate any claims or surrenders filed or policies maturing before the effective date of transfer. All compensation would be subject to the applicable caps under the PPF Scheme.</li> <li>In the event of a run-off, SDIC would take over the life business and continue to provide coverage for policy owners until the expiry or maturity of all policies. For policy owners who have aggregate policies exceeding the PPF caps, SDIC would need to reduce coverage according to the applicable protection ratios and guaranteed policy liabilities for each of the policies. Hence, future premiums that policy owners have to pay may also be reduced accordingly. SDIC would also compensate any claims or surrenders filed or policies maturing before the effective date of run-off. All compensation would be subject to the applicable caps under the PPF Scheme.</li> <li>In the event of termination, policy owners would be compensated by SDIC according to the applicable protection ratios and guaranteed policy liabilities for each of the policies or the adjusted guaranteed sum assured and adjusted guaranteed surrender value, depending on the type of policies. SDIC would also compensate any claims or surrenders filed or policies maturing before the effective date of termination. All compensation would be subject to the applicable caps under the PPF Scheme.</li> </ul> </div> </div> <div class="wpb_text_column wpb_content_element "> <div class="wpb_wrapper"> <h5> <span style="color: #265e95">Activation of PPF General Fund – Impact on Policy Owners</span><strong><br> </strong> </h5> <p>Upon the activation of the PPF General Fund, compensation will be made to the policy owners or claimants for claims incurred, up to 30 days after the winding up order, in respect of the policies covered. If the policy contracts expressly state policy owners’ entitlement to a refund of premiums, SDIC would refund policy owners the pro-rated premiums paid for the unutilised period of insurance coverage, in respect of policies covered. Policy owners can then seek alternative coverage from other general insurers.</p> </div> </div> <div class="wpb_text_column wpb_content_element "> <div class="wpb_wrapper"> <h5> <span style="color: #265e95">Announcement of activation of PPF Fund</span><strong><br> </strong> </h5> <p>If a PPF Scheme member fails, MAS would decide whether to activate the use of the PPF Fund and whether the PPF Fund would be applied in the transfer or run-off of the business of the failed insurer or the termination of the polices issued by the failed insurer.</p> <p>Information will be made available via press releases.</p> <p>SDIC will pay policy owners and other relevant third parties entitled to compensation as soon as possible. Payment may be made by Paynow (using NRIC/FIN/UEN), or by cheques or cashier’s orders.</p> <p>If the compensation you receive from SDIC is less than your total amount of sum assured or surrender value under your life insurance policies with the failed PPF Scheme member, you may submit a claim to the failed insurer’s liquidator for the difference. You cannot claim the amount that has been compensated for by SDIC.</p> </div> </div> </div></div></div></div> <div class="vc_row-full-width vc_clearfix"></div> </div>  <footer id="site-footer" class="site-footer" itemscope="itemscope" itemtype="http://schema.org/WPFooter"> <div data-elementor-type="wp-post" data-elementor-id="724" class="elementor elementor-724"> <section class="elementor-section elementor-top-section elementor-element elementor-element-4bbbd9c elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="4bbbd9c" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9d53529 ot-flex-column-vertical" data-id="9d53529" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-cfb1ffb elementor-widget elementor-widget-text-editor" data-id="cfb1ffb" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <style>/*! elementor - v3.16.0 - 17-10-2023 */ .elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}</style> <p style="text-align: center"><a href="http://facebook.com/sdicsg"><img class="alignnone wp-image-2295" src="/wp-content/uploads/2022/11/fb.jpg" alt="" width="44" height="44"></a> | <a href="http://youtube.com/@SDICCorpVideoAccount"><img class="alignnone wp-image-2296" src="/wp-content/uploads/2022/11/YT.jpg" alt="" width="44" height="44"></a></p> </div> </div> <div class="elementor-element elementor-element-d7ed49b elementor-widget elementor-widget-text-editor" data-id="d7ed49b" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <p style="text-align: center"><a href="/termsandconditions/">Terms and Conditions</a> | <a href="/privacy-statement/">Privacy Statement</a> | <a href="/sitemap/">Sitemap</a> | <a href="/contact-us/">Contact Us</a></p> <p style="text-align: center">Copyright © 2019 Singapore Deposit Insurance Corporation Ltd. 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