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What Do I Do When An Insurance Company Fails?
The Policy Owners' Protection (PPF) Scheme, administered by the Singapore Deposit Insurance Corporation (SDIC), automatically protects policy owners in the event a life or general insurer, which is a PPF Scheme member, fails.
All insurers registered by the Monetary Authority of Singapore (MAS) to carry on direct life business (other than captive insurers) or direct general business (other than captive insurers or specialist insurers) are required by law to be members of the PPF Scheme.
Customers of SDIC's Scheme Members get automatic protection under the Schemes - in the case of deposit insurance, up to S$50,000 per depositor per Scheme member; and for life insurance, 100% protection for the guaranteed benefits of the policy subject to caps, for example on the amount of sum assured and surrender value; and for general insurance, 100% protection for the insured policies, without being subject to caps.
The PPF Scheme for life insurance expands the scope of coverage to accident and health (A&H) policies. The coverage for life insurance has also been raised from 90% of protected liabilities to 100%, subject to caps.
Members of the public can find out whether their financial institution is a Scheme member by referring to the complete list of members posted on SDIC's website (at www.sdic.org.sg)
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Try out our Protection Gap Calculator and see if you have enough insurance to cover your loved ones.