Singapore's Ministry of Manpower (MOM) has deferred the implementation of the insurer regulatory regime, initially to take effect from 1 September 2020, to 1 January 2021.
This deferral comes following a request by the General Insurance Association, given that preparations for the original implementation had been affected by the country's Circuit Breaker measures and remote working arrangements. It would not affect employers' existing obligations and employees' protections under the Work Injury Compensation Act (WICA), the MOM noted.
All other legislative amendments in the new WICA 2019, enacted in September last year, will continue to take effect from 1 September 2020.
Details on the effective dates on which the amendments will take place can be found here, while details on the regulatory regime for Work Injury Compensation (WIC) insurers under WICA 2019 can be found here.
What employers should note on the requirements
Existing WIC insurance policies that comply with the current WICA (Chapter 354) requirements, and which commenced before 1 January 2021, will remain valid until expiry or 31 December 2021, whichever is earlier.
For policies which commenced on or after 1 January 2021, employers must ensure their insurer has been designated by MOM, when renewing or buying WIC insurance policies. A list of these designated insurers will be available on the Ministry's website after designations begin on 1 September 2020.
Background on the insurer regulatory regime
Under the new WICA 2019, all insurers intending to sell WIC insurance policies must be designated by the MOM, in order to sell approved insurance policies and process claims.
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