COP Foreign Worker Insurance Practice Questions - SCI Certificate Of Proficiency In Foreign Worker Insurance (Singapore) Exam

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An employer purchases an insurer's Security Bond Guarantee to fulfill MOM requirements for a construction worker. If MOM forfeits the bond due to a breach of work pass conditions, who is ultimate liable to indemnify the insurer?

The employer must reimburse the insurer for the full forfeited amount The foreign worker must pay the insurer via MOM salary attachment The insurer absorbs the loss as a standard insurance claim MOM refunds 50% of the forfeited bond to the insurer

Correct Answer:

The employer must reimburse the insurer for the full forfeited amount

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