Briefly, the IWC is an industry-wide scheme that covers primarily the course fees of students in each PEI in the event of insolvency or regulatory closure of PEI. Learn more about our Industry-Wide Course Fee Protection Insurance Scheme
EduTrust Fee Protection Scheme (FPS)
What is Fee Protection Scheme?
The purpose of the Fee Protection Scheme (FPS) is to protect students of private education institutions against financial loss in the event the school abruptly ceases to operate permanently.
For every registered private education institution (PEI) who wish to take the next step by trying for the voluntary certification scheme known as EduTrust, a quality framework administered by the Council For Private Education (CPE) , it will be mandatory to have the Fee Protection Scheme in place – a regulatory insurance mechanism to ensure the protection of course fees paid by all students to the PEI. The fee protection scheme can be established through us with a CPE-appointed insurer like Lonpac Insurance and having the fee protection scheme in place is central to attaining and maintaining the EduTrust status.
EduTrust is a Certification Scheme (EduTrust) is a quality assurance scheme administered by the Committee for Private Education (CPE) for Private Education Institutions in Singapore. AEGIS have over a decade of fee protection scheme insurance experience – we were involved in FPS since the formation of CPE in 2009. First involvement in the fee protection scheme began in 2004 with the Consumer Association of Singapore (CASE) under the auspices of the Economic Development Board of Singapore (EDB) through NTUC Income.
As a one-stop insurance administration agency, we provide our PEIs a full suite of regulatory and general insurances services besides the fee protection scheme:
- Industry Wide Course Fee Protection Scheme (IWC)
- Fee Protection Scheme (FPSI) & Fee Protection Scheme – Group Insurance (FPSG)
- Students’ Group Hospitalization and Surgical (GHS) and Outpatient Insurance (inclusive of Covid19 hospitalisation cover when your students arrivals in Singapore)
- Banker’s Guarantee for Foreign Students required by Immigrations and Checkpoints Authority
- General Insurance Services including specialty covers like Educator’s Professional Indemnity Insurance.
Learn more about our Fee Protection Scheme (FPS)
Hospitalisation & Surgical Insurance for Students (EduTrust)
The other EduTrust requirement by CPE is to have a hospitalisation insurance policy with CPE- mandated benefits. Learn more about our Hospitalisation & Surgical Insurance for Students (EduTrust)
ICA Security Deposit (Banker’s Guarantee for International Students)
Immigration & Checkpoints Authority (ICA) requires some foreign students to furnish a security deposit in the form of a Banker’s Guarantee (BG) with them before the Student Pass will be issued. Learn more about our ICA Security Deposit (Banker’s Guarantee for International Students)