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.
[31st January 2020] Supplement to Official Gazette 39
S.I. 9 of 2020 Insurance Act, 2008 (Cap.98) Insurance (Fees) (Amendment) Regulations, 2020
In exercise of the powers conferred by section 124 of the Insurance Act 2008, the Minister responsible for Finance makes the following Regulations —
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These Regulations may be cited as the Insurance (Fees) (Amendment) Regulations, 2020 and shall come into operation on 1st February, 2020.
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The Insurance (Fees) Regulations, 2009 is hereby amended as follows —
(a) by repealing the First Schedule and substituting therefor the following Schedule —
“FIRST SCHEDULE (Regulation 3) APPLICATION FEE
| COLUMN 1 | COLUMN 2 |
|---|---|
| (a) a domestic insurer | SCR 10,000 |
| (b) a non domestic insurer | US$ 2,000 |
| (c) a captive insurer | US$ 1,000 |
| (d) a reinsurer | SCR 25,000 |
| (e) an Insurance manager | US$ 2,000 |
| (f) a principal insurance representative | US$ 1,500 |
| (g) an insurance broker | SCR 5,000 |
| (h) a reinsurance broker | SCR 10,000 |
| (i) an insurance agent | SCR 2,500 |
| (j) an insurance sub-agent | SCR625”; |
40 Supplement to Official Gazette [31st January 2020]
(b) by repealing the Second Schedule and substituting therefor the following Schedule —
SECOND SCHEDULE (Regulation 4) ANNUAL LICENCE FEE
| COLUMN 1 | COLUMN 2 |
|---|---|
| (a) a domestic insurer carrying on general insurance business | SCR150,000 |
| (b) a domestic insurer carrying on long term insurance business | SCR150,000 |
| (c) a non domestic insurer carrying on general insurance business | US$3,000 |
| (d) a non domestic insurer carrying on long term insurance business | US$3,000 |
| (e) an insurer solely carrying on captive insurance business | US$1,500 |
| (f) a reinsurer | SCR300,000 |
| (g) an insurance manager | US$3,000 |
| (h) a principal insurance representative acting for not more than one licensed insurer | US$1,250 |
| (i) a principal insurance representative acting for not more than three licensed Insurers | U$2,500 |
| (j) a principal insurance representative acting for not more than five licensed insurers | US$3,750 |
| (k) a principal insurance representative acting for not more than ten licensed insurers | US$6,250 |
| (l) a principal insurance representative acting for more than ten licensed insurers | US$8,750 |
| (m) an insurance broker | SCR12,500 |
| (n) a reinsurance broker | SCR 25,000 |
| (o) an insurance agent | SCR6,250 |
| (p) an insurance sub-agent | SCR2,500”; |
[31st January 2020] Supplement to Official Gazette 41
(c) by repealing the Third Schedule and substituting therefor the following Schedule —
“THIRD SCHEDULE (Regulation 5) INSPECTION OF REGISTER FEE
| (a) | Inspection | SCR250 |
| (b) | One page of a certified copy of any entry or extract of the register | SCR50”. |
MADE this 31st day of January, 2020.
MAURICE LOUSTAU-LALANNE MINISTER OF FINANCE, TRADE, INVESTMENT AND ECONOMIC PLANNING