Singapore legislation
Regulation 10
Regulation 10
Designation fee — designated employer’s insurer
Subregulation 1
Where an insurer becomes a designated employer’s insurer on or after 15 October 2024, the designated employer’s insurer must pay the following designation fee for each year during which the insurer is a designated employer’s insurer (called in this regulation the relevant year):
where the annual gross premiums received in the previous year from approved policies provided by the designated employer’s insurer is more than $10 million —
$36,000; or
where the insurer becomes a designated employer’s insurer after 1 January in the relevant year, an amount computed in accordance with the formula ; (b)in any other case —
$21,000; or
where the insurer becomes a designated employer’s insurer after 1 January in the relevant year, an amount computed in accordance with the formula .
Subregulation 2
In paragraph (1)(a)(ii) and (b)(ii) —
R is the remaining number of days in the relevant year starting on the date on which the insurer becomes a designated employer’s insurer; and
Y is the number of days in the relevant year.
Subregulation 3
Where the relevant year is 2024, “approved policies” in paragraph (1) refers to approved policies under the Act as in force immediately before 15 October 2024.
Subregulation 4
Where the relevant year is 2025, “approved policies” in paragraph (1) refers to —
approved policies under the Act as in force immediately before 15 October 2024; and
approved employee insurance policies under the Act.
Subregulation 5
Where the relevant year is 2026 or later, “approved policies” in paragraph (1) refers to approved employee insurance policies under the Act.
Subregulation 6
The designation fee must be paid not later than the date specified by the Commissioner, which must not in any case be earlier than 7 days after the following date:
where the designated employer’s insurer is a designated employer’s insurer on 1 January of the relevant year — 1 January of the relevant year;
where the designated employer’s insurer is not a designated employer’s insurer on 1 January of the relevant year but becomes a designated employer’s insurer later in that relevant year — the date on which the designated employer’s insurer becomes a designated employer’s insurer in the relevant year.
Subregulation 7
Where the designated employer’s insurer’s designation ceases during a relevant year, the Commissioner must refund a pro‑rated amount of the designation fee paid by the designated employer’s insurer for that relevant year.
Subregulation 8
This regulation as in force immediately before 15 October 2024 continues to apply to an insurer that became a designated insurer before that date.