Fee Protection Scheme(FPS)
Arise Insurance Agency has been appointed by Great Eastern General Insurance(appointed by CPE) as their agnets to market this schemes to private education institutions(PEI) in Singapore.
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, private education institution have 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 (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.