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The Private Education Act was gazetted in October 2009 (the Bill was passed in parliament on 14th Sept 09) to provide for the establishment of the Council for Private Education (CPE) with the legislative powers to regulate the private education sector more effectively and improve its quality. CPE has implemented a mandatory registration tier to enhance the standards that private education providers will need to adhere to. A voluntary quality assurance framework, known as EduTrust, has also been introduced to provide a quality differentiation mechanism. (Ref: www.cpe.gov.sg)
Under the EduTrust Certification Scheme, private education providers must adopt Fee Protection Scheme with the CPE-appointed service providers and provide medical insurance coverage for hospitalisation and related medical treatment for the entire course duration.
Under the Fee Protection Scheme, PSB Academy had put in place the insurance arrangement to ensure that fees paid by students to the school are insured by a CPE-appointed service provider. The insurance protection serves to protect the students’ fees in the event a private education institution (PEI) is unable to continue operations due to insolvency, and/or regulatory closure. Furthermore, the FPS protects the student if the PEI fails to pay penalties or return fees to the student arising from judgments made against it by the Singapore courts.
The FPS is compulsory for all local and international students taking courses in PEIs seeking EduTrust certification. FPS applies to all courses with course duration of more than one month or 50 hours. Students enrolled in the programmes will be required to pay fees for FPS which varies depending on the insured programme fees.
Fee Protection Scheme by Insurance Arrangement
The following provides details on implementation of FPS.
PSB Academy had put in place the Medical Insurance under which all its students (except those specifically allowed to opt out under EduTrust Certification guidelines) will be insured by Group Hospital & Surgical Insurance.
The group hospital & surgical insurance is an expense reimbursement plan with an annual limit of up to S$20,000 per year that helps to reduce the financial burden of the insured student in the event that he/she needs to be hospitalized in government/restructured hospitals. The fee payable for the entire duration of the programme is indicated in fee schedule of the student contract.
Singaporean/PR and non-Student’s Pass international students who are already covered by their own medical insurance plan (annual limit not less than S$20,000) may be exempted from the plan provide by PSB Academy. Those undertaking full-time courses must produce their medical insurance policy for verification should they want to opt out. You must opt out by declaring in the PEI-Student contract or addendum to PEI-Student contract accordingly.
The following provides details on the group medical insurance coverage
To make a claim, Insured students can download the Medical Insurance Claim Form and submit the completed form to Student Affairs (Block E-103).
The PEI-Student Contract clearly states the following:
For a sample of CPE approved Student Contract, please click here.