Regulatory Alerts2019-04-01
Added · Updated
Commencement of DI-PPF (Amendment) Act 2018 and Amendments to Notice DIPOP-N02
The DI-PPF (Amendment) Act 2018 commences operation, introducing maximum compensation caps of S$50,000 for personal motor cover and S$300,000 for personal property cover. Concurrently, the DI-PPF (Policy Owner’s Protection) (Maximum Compensation) Regulations 2019 come into effect to enforce these caps. MAS has also amended Notice DIPOP-N02 to require PPF Scheme members to consent to the sharing of their prescribed return information with the Singapore Deposit Insurance Corporation. PPF Scheme members must lodge the revised returns for the submission due by 30 April 2019 and thereafter.
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