SDIC Policy Owners’ Protection Scheme
Consumers in Singapore benefit from a sound financial system. Insurers licensed in Singapore are supervised by the Monetary Authority of Singapore (MAS), which strives to maintain the stability of the financial system and require financial institutions implement sound risk management systems and adequate internal controls.
However, the MAS does not provide a guarantee for the soundness of individual financial institutions. Therefore, a Policy Owners’ Protection (PPF) Scheme has been set up to protect policy owners in the event of a failure of a life or general insurer which is a PPF Scheme member.
Chubb Insurance Singapore Limited (“we,” “us,” “our,” “Chubb,” “the Company”) is a member of the Policy Owners’ Protection Scheme (PPF), which is managed by the Singapore Deposit Insurance Corporation Limited (SDIC).
Insurance Policies covered under the PPF Scheme
The PPF Scheme protects all compulsory insurance policies under the Motor Vehicles (Third Party Risks and Compensation) Act, Work Injury Compensation Act, and short- term accident and health (A&H) policies, issued by PPF Scheme members.
The PPF Scheme also covers specified personal lines policies issued to individuals, by PPF Scheme members, where the risks arise in Singapore or the policy owner is a Singapore resident. The specified personal lines policies that are covered include:
- Personal motor insurance policies
- Personal travel insurance policies
- Personal property (structure and contents) insurance policies
- Foreign domestic maid insurance policies
(referred to collectively as “general insured policies”)
Chubb maintains a register of the types of insured policies that are covered under the PPF Scheme. To find out which of your policies are covered, you can download a copy of our register.