Monetary Authority of Singapore Annual Report 2010/2011
Our Work
ENSURING SAFETY AND SOUNDNESS OF FINANCIAL INSTITUTIONS AND FINANCIAL SYSTEM   27
Prudential Supervision and Surveillance   27
Fostering a Sound and Reputable Financial Centre   27
Property Market Measures   28
Review of Deposit Insurance Scheme in Singapore   28
Insurance Resolution and Policy Owners' Protection   28
Review of Insurance Act   29
Enhancing Safeguards for Retail Customers   29
Enhancing Regulatory Regime for Fund Management Companies   30
Achieving Fair Dealing Outcomes   30
Enhancing Corporate Governance Standards   31
Conclusion of First Two Civil Penalty Cases   31
Box 3: The Representative Notification Framework   32
Enhancing Market Conduct   33
Audit Assurance   33

Review of Deposit Insurance Scheme in Singapore

As part of our regular review, MAS, together with the Singapore Deposit Insurance Corporation (SDIC), reviewed the deposit insurance scheme in Singapore to enhance depositor protection. The enhanced scheme was implemented on 1 May 2011. The key changes to the Scheme were the increase in coverage limit from S$20,000 to S$50,000 and the expanded scope of coverage from insuring individuals and charities to include other non-bank depositors such as sole proprietorships, partnerships, companies and unincorporated entities. CPF monies placed by an individual depositor with a Scheme member are also insured under a separate S$50,000 coverage limit.