Policy Owners Protection Scheme FAQ

The Policy Owners' Protection Scheme protects policy owners in the event a life or general insurer which is a PPF Scheme member fails.

The PPF Scheme provides 100% coverage for the types of general insurance policies covered under the Scheme. No caps are applicable for protection of your general insurance policies.

No. Coverage is automatic. Levies will be paid by the insurers.

All compulsory insurance policies under the Motor Vehicles (Third Party Risks and Compensation) Act 1960 and Work Injury Compensation Act 2019 and Singapore policies of specified lines issued by registered general insurers which are PPF Scheme members are covered. A Singapore policy insures risks arising in Singapore or where the insured is a Singapore resident or has a permanent establishment in Singapore. 

The specified lines covered are:

• Personal motor insurance policies
• Personal travel insurance policies
• Personal property (contents) insurance policies

You can continue to file your claim with your general insurer, who will process your claim accordingly. Once the terms of payment under the claim are finalized, SDIC will pay the finalized claim amount by cheque. If your insurer is going to be wound up. The PPF Scheme will also provide coverage for your policy for a period of 30 days after the winding up order is made against the failed insurer. You should then seek alternative coverage from another insurer within these 30 days.

If your general insurer is going to be wound up, the PPF Scheme will provide coverage for your policy far a period of 30 days after the winding up order is made against the failed insurer. You should then seek alternative coverage from another insurer within these 30 days.

In the event a general insurer which is a PPF Scheme member fails and you have claim to make under an insured policy, you are entitled to the following compensation:

1. For a compulsory Insurance policy under the Motor Vehicles (Third Party Risks and Compensation) Act 1960 and Work Injury Compensation Act 2019, the full amount of any liability of the failed PPF Scheme member as provided for under the relevant legislation is payable.
   
   
2. For a Singapore policy of specified lines, the full amount of any liability of the failed PPF Scheme member to the insured policy owner under the terms of the insured policy is payable. 

Policy owners will be compensated for claims incurred, up to 30 days after the winding up order is made against the failed insurer. No caps are applicable to general insurance policies.