The PPF Life Fund and PPF General Fund are established from levies on PPF Scheme members. The PPF Life Fund and PPF General Fund will be invested in safe and liquid assets such as securities issued by the Singapore Government or MAS, deposits with MAS, any debenture or debt security issued by Singapore Sukuk Pte. Ltd. and other assets approved by the Minister
PPF Scheme members pay annual levies to the PPF Life Fund or PPF General Fund or both, depending on the type of license held by the PPF Scheme member. The levies on PPF Scheme members are risk-based. These risk-based levies are charged to PPF Scheme members as:
a. A percentage of each Scheme member’s liabilities under life insured policies which are protected under the PPF Scheme (protected liabilities) in respect of insured policies covered under the PPF Life Fund;
b. A percentage of each Scheme member’s protected liabilities in respect of insured policies covered under the PPF General Fund where the PPF Scheme member is not taking in any new insurance business or renewing any existing insurance policy; or
c. A percentage of each Scheme member’s gross premium income in respect of insured policies covered under the PFF General Fund (Other than those mentioned in (b)).
SDIC may impose late payment fees on PPF Scheme members. The levy rates and calculation of levies payable by Scheme members are set out in the Deposit Insurance and Policy Owners’ Protection Schemes (Policy Owners’ Protection Scheme) Regulations.