Key changes to be implemented:
- For Deposit Insurance Scheme, an increase of of deposit insured amount from $20,000 to $50,000
- For Policy Owners Protection Scheme, to cover insurance liabilities from 90% to 100% subject to a cap. The guaranteed benefits of individual life policies and voluntary group policies will be aggregated and subject to caps of S$500,000 for sum assured and S$100,000 for surrender value on a per life assured per insurer basis (excluding annuities).
The Insurance Act will also be amended to give MAS greater control to take over or effect transfer of ownership.
The summary of changes that was read by the Second Minister for Finance Mrs Lim Hwee Hua during the recent Parliamentary sitting can be found here:
Deposit Insurance and Policy Owners’ Protection Schemes Bill and Insurance (Amendment) Bill