Regulatory Alerts2022-01-01
Financial Services (Consolidated Licensing and Fees) (Amendment No. 5) Rules 2022
The Financial Services Commission issued Amendment No. 5 to the Consolidated Licensing and Fees Rules 2008, updating fee schedules for insurers and reinsurers. The amendment adds a specific charge of 0.35 percent of gross premiums, capped at USD 10,000, for structured investment-linked insurance business under items INS-1.1 and INS-1.1Av. These updated licensing requirements take effect on 3 September 2022, directly modifying premium calculations for affected policy issuances.
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