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PPF Clause in Insurance Forms
Many insurers have started to include the Policy Owners Protection Scheme (PPF) clause into the product summary and contract wording of their insurance policies. Policy Owners’ Protection Scheme This Policy is protected under the Policy Owners’ Protection Scheme, and is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for Your Policy is automatic and […]
Compensation Cap on Policy Owners Protection Scheme
I received a question on the Policy Owners Protection Scheme (PPF Scheme), which is the scheme that can be activated should one of Singapore’s insurance companies collapse. Hi Martin, below is an extract of a short footnote from a MAS’s doc on policyowner protection scheme. I dont quite understand what/how the guaranteed payout works. And […]
Deposit Insurance and Policy Owners Protection Schemes Amendment
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 […]