Singapore legislation
Regulation 10A
Regulation 10A
Designation fee — designated PO’s insurer
Subregulation 1
A designated PO’s insurer must pay the following designation fee for each year during which the insurer is a designated PO’s insurer (called in this regulation the relevant year):
where the annual gross premiums received in the previous year from approved platform worker insurance policies provided by the designated PO’s insurer is more than $10 million —
$36,000; or
where the insurer becomes a designated PO’s insurer after 1 January in the relevant year, an amount computed in accordance with the formula ;
in any other case —
$21,000; or
where the insurer becomes a designated PO’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 PO’s insurer; and
Y is the number of days in the relevant year.
Subregulation 3
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 PO’s insurer is a designated PO’s insurer on 1 January of the relevant year — 1 January of the relevant year;
where the designated PO’s insurer is not a designated PO’s insurer on 1 January of the relevant year but becomes a designated PO’s insurer later in that relevant year — the date on which the designated PO’s insurer becomes a designated PO’s insurer in the relevant year.
Subregulation 4
Where the designated PO’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 PO’s insurer for that relevant year.
Subregulation 5
To avoid doubt, paragraph (1)(b) applies where the relevant year is 2024 or 2025.