Regulatory Alerts2020-01-01
Insurance Fees Amendment Regulations 2020
Issued by the Minister of Finance, Trade, Investment and Economic Planning under the Insurance Act 2008, these regulations amend the 2009 Fees Regulations by completely replacing the application, annual licence, and inspection fee schedules. The updated framework establishes fixed charges in Seychelles Rupees and US dollars for domestic, non-domestic, captive insurers, reinsurers, managers, brokers, and agents, while introducing tiered annual licence fees for principal insurance representatives based on their client portfolios. Standardized inspection and certified copy charges are also defined, with all revised fee structures taking legal effect on 1 February 2020.
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