MAS proposed enhancements to the Deposit Insurance Scheme, along with legislative amendments to the Deposit Insurance and Policy Owners' Protection Schemes Act and Regulations. Comments are due by September 04, 2017.
This consultation paper sets out recommendations to enhance various features of the Deposit Insurance Scheme. MAS proposes to raise the coverage limit from SGD 50,000 to SGD 75,000 and to implement the increased coverage limit in 2018. In addition, the consultation paper also sets out recommendations to improve the overall operational efficacy of both the Deposit Insurance Scheme and the Policy Owners’ Protection Scheme (PPF Scheme), which are both governed under the Deposit Insurance and Policy Owners’ Protection Schemes Act. MAS is also consulting on legislative amendments to effect the proposed changes, along with the other amendments consulted upon previously. MAS invites comments from Deposit Insurance Scheme members, PPF Scheme members and other interested parties.
The Singapore Deposit Insurance Corporation (SDIC) administers the Deposit Insurance Scheme. MAS, in consultation with SDIC, conducts periodic reviews of the Deposit Insurance Scheme to ensure adequacy of depositor protection while limiting the cost of the scheme.
Comment Due Date: September 04, 2017
Keywords: Asia Pacific, Singapore, Banking, Deposit Insurance, PPF Scheme, SDIC, MAS
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