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Monetary Authority of Singapore Plans Increase of Deposit Insurance from $50,000 to $75,000 in 2019
The Monetary Authority of Singapore (MAS) has finalised proposed enhancements to the Deposit Insurance (DI) Scheme and Policy Owners’ Protection (PPF) Scheme with plans to increase deposit insurance coverage from S$50,000 to S$75,000 per depositor in Singapore.
” Monetary Authority of Singapore Plans Increase of Deposit Insurance from $50,000 to $75,000 in 2019 “
Following public consultations in September 2014, April 2017 and August 2017, the relevant legislative amendments will be submitted to Parliament for approval. MAS intends to effect the enhancements to the DI Scheme and PPF Scheme on 1st April 2019.
The proposed change also includes Policy Owners’ Protection (PPF) Scheme clarifying a “personal” insurance policy under the PPF Scheme as one that is owned by a natural person – excludes any company or association or body of persons, corporate or incorporate.
The PPF Scheme will also revise the cap of:
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a) S$50,000 for own property damage motor claims, under personal motor insurance policies; and
b) S$300,000 for property damage claims, under personal property (structure and contents) insurance policies.
MAS’ responses to the feedback: link
(A) DI Scheme (i) The DI Scheme in Singapore was established in 2006 with the primary objective of protecting small depositors. The Scheme protects deposits in savings, current and fixed deposit accounts that are held with full banks and finance companies. The Singapore Deposit Insurance Corporation (SDIC) is responsible for administering the DI Scheme and providing timely compensation for insured depositors in the event of a DI payout. (ii) MAS, in consultation with SDIC, conducts periodic reviews of the DI Scheme to ensure adequacy of depositor protection while limiting the cost of the Scheme. The last review was in May 2011, and key enhancements included the increase in DI coverage limit from $20,000 to $50,000. (B) PPF Scheme (i) The PPF Scheme protects policy owners for all life insurance policies and certain general insurance policies in the event of failure of a life or general insurer. Such general insurance policies include accident and health policies, insurance that are required by law, and Singapore policies of specified personal lines such as personal motor and personal property (structure and contents) insurance. The Scheme was last reviewed in 2011, following enactment of the Deposit Insurance and Policy Owners’ Protection Schemes Act. The PPF Scheme is also administered by the SDIC.
Source: MAS
About Monetary Authority of Singapore
Monetary Authority of Singapore (MAS) is Singapore’s central bank, which was formed back on 1 January 1971. It promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. MAS manages Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. It is also an integrated supervisor overseeing all financial institutions in Singapore — banks, insurers, capital market intermediaries, financial advisors, and the stock exchange.
- Origin : Singapore
- Assets : USD 385.12 billion
- Revenue : USD 1.89 billion
Official Website: www.mas.gov.sg
News & Media: Press Release
Updated on 8th August 2016
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