Insurance (Fees) Regulations 2009

[2nd February 2009] Supplement to Official Gazette 83 S.I. 17 of 2008 INSURANCE ACT, 2008 (Act 11 of2008) Insurance (Fees)Regulations,2009 In exercise of the powers conferred by section 124 of the Insurance Act, 2008, the Minister of Finance makes the following Regulations -

1. These Regulations may be citeq as the Insurance (Fees) Regulations, 2009.
2. IntheseRegulations- . "$" means the symbol for United Stat~s Dollars, the lawful currency of United States ofAmerica; "year" means a period of twelve months.
3. There shall be paid to the Authority by an applicant referred to inColurnn I of the First. Schedule, the corresponding application fee specified in Column 2 of that Schedule. . .
4. (1) There shall be paid to the Authority by an applicant referred to in. Column I of the Second' Schedule, the corresponding artnuallicence fee specified in Column 2 of . that Schedule, payable for the first year after licensing or registration, as the case may be, which annual licence fee shall be payable immediately in that year,and the annual fee payable for any subsequent year,' shall be payable on or before the beginning of such subsequentyear. (2) Where an annual licence fee is not paid at the time and in the manner provided under subregulation (1), the annual licence fee shall increase by 25 per cent of its ~o~t. . (3) No refund shall be made of any annual licence f~e paid, should the licence be surrenderedorrevoked. Citation Interpretation Application fee Annual Iicence fee

84 Supplement to Official Gazette' [2nd February 2009] Inspection fee 5. There shall be paid to the Authority by a person upon inspection of, or obtaining a certified copy of the register as specified inColumn I ofthe Third Schedule, the corresponding fee specified inColumn 2 ofthat Schedule. 6.. The Authority may waive any fee or part of it payable under these regulations. 7. The Schedulesreferred toin subregulations (3), (4) and (5) are reviewable. , FIRST SCHEDULE (Regulation 3) APPLICATION FEE SECOND SCHEDULE (Regulation 4) ANNUAL LICENCE FEE C COLUMN 1 I (a) a domestic insurer carrying on general insurance business i . , I COLUM~ R75000 ~ COLUMN 1 . COLUMN 2 (a) a domestic insurer R5000 . (b) a non domestic insurer $1000 (c) an insurance manager $1000 (d) a principal insurance representative $1000 (e) an insurance broker R2500 (f) an insurance agent R2000 (g) an insurance sub-agent R500

[2nd February 2009] Supplement to Official Gazette 85 (b) a domestic insurer carrying on long R100000 term insurance business (c) a non domestic insurer carrying on $1500 general insurance business (d) a non domestic insurer carrying on $1500 long term insurance business (e) a non domestic insurer solely $1000 carrying on captive insurance business (t) a reInsurer RIOOOOO (g) an insurance manager $2000 (h) a principal insurance representative $1000 acting for not more than 1 licensed insurer (i) a principal insurance representative $2000 acting for not more than 3 licensed Insurers (j) a principal insura'nce representative $3000 acting for not more than 5 licensed Insurers (k) a principal insurance representative $5000 acting for not more than 10 licensed Insurers , (I) a principal insurance representative $7000 acting for more than 10 liCensed insurers (m) an insurance broker RI0000 (n) an insurance agent R5000 (0) an insurance sub'"agent R2500

86 Supplement to Official Gazette [2nd February 2009] THIRD SCHEDULE (Regulation 5) INSPECTION OF REGISTER FEE (a) Inspection ] (b) one page . of a certified copy of any I entry or extract of the register RIOO R25 MADE this 30th day of January, 2009. DANNY FAURE MINISTER OF FINANCE I