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Tuesday, April 12, 2011
Singapore: Deposit Insurance and Policy Owners’ Protection Schemes Bill and Insurance (Amendment) Bill
The Bill had it's second reading in Parliament yesterday (April 11). Included is an increase in the Deposit Insurance Scheme from $20,000 to $50,000 and proposal to include all non-bank depositors such as sole proprietorships, partnerships, companies and unincorporated entities.The scope of coverage under the Policyholder Protection Fund (PPF) is expanded to cover 100% of a life insurer's liabilities, subject to a cap of $500,000 for sum assured and $100,000 for surrender values. Link to the speech by Mr Lim Hng Kiang, Minister for Trade and Industry and Deputy Chairman, Monetary Authority of Singapore posted by Charles Monat Associates at 10:25 AM
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