RCMA

86 Advisory CASE Having received feedback from the general public, CASE has implemented the Deposit Protection Insurance scheme in order to boost consumer confidence and improve the industry’s image. The Mechanism of the system • A master policy will be issued • The approved limit will be set in the customised system which the business operator will have access to • The operator will have to issue a certificate to ALL customers who have paid the deposit • The limit is on a drawdown basis • The operator will have to top-up the limit once it runs low • The operator will not be able to generate a certificate if there is insufficient limit • The consumer will be able to call for compensation for the un-utilised portion of deposit from the insurer (closure of the operator) Claims handling • The consumer will lodge a complaint to CASE for un-utilised portion of the deposit upon Insolvency, compulsory liquidation and bankruptcy of the Insured organisation • The appointed loss adjuster by AVA will assess the matter and make a decision whether the bond called is valid • If the bond is valid, AVA will assist to facilitate the issuance of the cheque payment • The cheque will be issued in favour of the consumer within fourteen (14) working days Conclusion Our key focus in arranging the Deposit Protection Insurance Bond is to ensure that Consumers’ deposits are appropriately protected in the unfortunate event of a failure by the CaseTrust Accredited business. The approach we take is on a proactive and collaborative basis – we have taken into consideration the interest of CASE, the business operators and most importantly the consumers in all areas of deliberation. We are confident that consumers will be protected in all possible ways based on the implemented scheme. Our philosophy is to adopt a fully integrated approach to the functionality of the pre-paid system. To ensure that the system will not be abused and to achieve a fair and transparent operating procedure in the industry. CaseTrust Department, Consumers Association of Singapore 170 Ghim Moh Road #05-01, Ulu Pandan Community Building, Singapore 279621 TEL (65) 6461 1800 • FAX (65) 6463 7048 EMAIL casetrust@case.org.sg • WEBSITE www.casetrust.org.sg