You must apply to be a work injury compensation (WIC) designated insurer to issue WICA 2019 insurance policies and to process claims.
At a glance
|Who can apply
- Licensed insurers under the Insurance Act (Cap. 142)
- Company representative
|How much it costs
- $200, including GST.
- Fees are non-refundable, regardless of the outcome of your application.
- After approval, pay an annual designation fee.
- (Optional) link your system to Data Exchange Platform with one-time fee:
- Set up SFTP or API: $3,700
- Set up both SFTP and API: $7,400
|How long it takes
||Up to 2 weeks
|What you will get
||Designated insurer certificate
|Requirements for compliance
||Conditions for Designated Insurer
||Apply to be designated WIC insurer
What is a WIC designated insurer
Any licensed insurer that wants to issue MOM-approved WICA 2019 insurance policies must first be designated by MOM.
You must meet the following requirements:
- Be registered with the Accounting and Corporate Regulatory Authority (ACRA).
- Be an MAS approved insurer.
- Undertake to accept and comply with MOM’s Conditions for Designated Insurer.
- Must not have adverse records or be under investigation with authorities (e.g. MOM or other agencies).
How to apply
To apply to be a WIC designated insurer:
- Download and print the Conditions for Designated Insurer.
- Get endorsement to adhere and abide by the Conditions. Your company’s Chief Executive Officer (or equivalent) must sign on the printed copy of the Conditions.
- Convert the signed copy of the Conditions to PDF.
- Apply online, you need CorpPass.
- Attach the scanned PDF copy of the Conditions.
- You will receive an email with instructions to pay $200 fee online. We will only process your application upon payment.
- You will receive an email on the outcome of your application within 2 weeks of payment.