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.
2844 Government Notices 2022 Vinit/Imac05/Govt Notices/2022/The FS (Consolidated Licensing and Fees) (Amd No. 5) Rules 2022 - 02.09.2022 - 3rd Proof Government Notice No. 240 of 2022 THE INSURANCE ACT FSC Rules made by the Financial Services Commission under Section 93 of the Financial Services Act
- These rules may be cited as the Financial Services (Consolidated Licensing and Fees) (Amendment No. 5) Rules 2022.
- In these rules – “principal rules” means the Financial Services (Consolidated Licensing and Fees) Rules 2008.
- The First Schedule to the principal rules is amended, in PART I, under the heading “Insurers / Reinsurers”, in items INS – 1.1 and INS – 1.1Av by adding the following phrase in the sixth column – ‘For Structured Investment-Linked Insurance Business: (0.35%* Gross Premium from policies issued to a maximum of USD 10,000)’
- These rules shall come into operation on 3 September 2022. Made by the Financial Services Commission on 25 May 2022.