I received a few letters from my insurers to inform me that they have been included under the Policy Owners’ Protection Scheme (PPF Scheme). This scheme is administered by Singapore Deposit Insurance Corporation (SDIC), a company that is created by the Government of Singapore to look after small depositors and policy owners’ interests. The other scheme, Deposit Insurance Scheme, protects your bank deposits.
DEPOSIT INSURANCE SCHEMEThis scheme started in 2006 and several amendments were made since 2008. It was apt to have this policy in place during the Global Financial Crisis where confidence was obviously shaken with financial institutions collapses (Lehman and Bear Sterns) or on the verge of collapse (AIG and other mortgage companies).
Not all banks are covered. Does the bank that holds your deposit covered? AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED BANGKOK BANK PUBLIC COMPANY LIMITED BANK OF AMERICA, NATIONAL ASSOCIATION BANK OF CHINA LIMITED BANK...