SHRI Academy Pte Ltd plans to embark into EduTrust Certification Process. Hence, it has Fee Protection Scheme (FPS) put into place. The Committee for Private Education (CPE) protects course fees paid by students in the form of fee collection caps and fee protection schemes.
Industry-Wide Course Fee Protection Insurance Scheme (IWC)
(Validity Period: 22 August 2016 to 21 August 2017)
The Industry-Wide Course Fee Protection Insurance Scheme (IWC) is administered by CPE under the Enhanced Registration Framework (ERF). The purpose of IWC is to protect the unconsumed course fees paid by students in the event that a PEI is unable to continue operating.
SHRI Academy has put in place the Industry-Wide Course Fee Protection Insurance Scheme (IWC) that ensures the unconsumed course fees paid by students are insured.
SHRI Academy has appointed Lonpac Insurance Bhd, a CPE-appointed service provider, for the Industry-Wide Course Fee Protection Insurance Scheme (IWC).
The IWC is a group-based insurance policy that provides coverage to students studying in the PEIs. The PEIs must subscribe to the IWC if they wish to collect up to six months of course fees at any one time.
The Industry-Wide Course Fee Protection (IWC) Insurance policy protects against the loss of paid course fees deemed un-utilised arising from the following events:
- Insolvency of the school
- Regulatory Closure of the school
- Direction issued by the Council for Private Education (CPE)
SHRI Academy has entered into a master insurance agreement between CPE and Lonpac Insurance Bhd (the “Master Insurance Agreement”) for the purpose of insuring, among other things, the Student. This Master Insurance Agreement sets out, among other things, the events under which students are indemnified for their course fee paid to SHRI Academy. The IWC applies to all courses with course duration of more than one month or 50 hours.
The IWC insurance premium for all students has been absorbed by SHRI Academy and the insurance certificate can be viewed from SHRI Academy’s website.
Click here to view the Industry-Wide Course Fee Protection Insurance Scheme (IWC) Certificate.
Fee Protection Scheme (FPS)
The Fee Protection Scheme (FPS) is mandatory under Committee for Private Education (CPE) for EduTrust certified schools. SHRI Academy is embarking on EduTrust. Thus, all students’ paid fees under Schedule B of Student Contract will be protected under this scheme.
The FPS serves to protect students’ unconsumed fees in the event that the School is unable to continue operations, or has insufficient or no funds to pay the unconsumed fees.
SHRI Academy has appointed LONPAC Insurance Bhd as the FPS Insurance company.
The Certificate of Insurance (COI) will be emailed to all students by LONPAC, the Insurance Provider once the FPS has been purchased. Students may request for a copy of the COI from the institute if they did not receive it from the Insurance Provider.
Click here to view the FPS Certificate.
For more information on Protection of Course Fees, please refer to CPE’s website: https://www.cpe.gov.sg/for-peis/protection-of-course-fees.