Regulatory Alerts2018-01-11
Regulation (NAP) - Supervision Fee for the 2017 Financial Year
The Central Bank of São Tomé and Príncipe establishes a fixed supervision fee of USD 500.00 for all authorized insurance companies operating in the country for the 2017 financial year. This regulation mandates that insurers pay the fee in local currency (Dobras) based on the year-end exchange rate, with deposits due by January 31 of the following year. The measure applies to both domestic and foreign-headquartered insurers authorized under Decree-Law No. 28/2000, replacing the previous flexible range of USD 200.00 to USD 500.00 with a definitive fixed amount.
NAP PERMANENT APPLICATION REGULATION (NAP)
PROPOSER(S): DSF 01/2018 | ENTRY INTO FORCE: 11/01/2018 | ISSUE DATE: 11/01/2018 | DOC NO.: FL 1/2
Subject: Supervision Fee for the 2017 Financial Year
Whereas, pursuant to paragraph 1 of Article 1 of Decree-Law No. 28/2000, all insurance companies authorized to conduct insurance activities in the Democratic Republic of São Tomé and Príncipe are subject to an annual supervision fee, payable in Dobras, which may not be less than the equivalent of USD 200.00 (two hundred US dollars) nor more than USD 500.00 (five hundred US dollars).
Given the need to establish the supervision fee for the 2017 financial year, taking into account the aforementioned fee range.
Therefore, the Central Bank of São Tomé and Príncipe, exercising its competence under paragraph 3 of Article 15 of Decree-Law No. 47/98, dated December 31, determines the following:
Article 1. Scope This Regulation applies to insurance companies located within or outside the national territory, authorized to conduct their activities in São Tomé and Príncipe.
Article 2. Object This NAP establishes the supervision fee to be paid by insurance companies for the economic year 2017.
[Dates: 11/01/2018 | Review Date: 11/01/2018]
NAP PERMANENT APPLICATION REGULATION (NAP) CODE: 0 | S 06 | A.*
PROPOSER(S): DSF | ENTRY INTO FORCE: [Date] | ISSUE DATE: 11/01/2018 | DOC NO.: FL 2/2
Article 3. Supervision Fee Within the fee range provided for in paragraph 1 of Article 1 of Decree-Law No. 28/2000, the Central Bank sets the fee at USD 500.00 (five hundred US dollars).
Article 4. Payment Procedures The payment of the fee stipulated in the preceding article shall be made via deposit of the equivalent amount in Dobras, based on the exchange rate on the last day of the 2017 economic year, into the BCSTP account designated as "supervision fee", by January 31 of the current year.
Article 5. Final Provisions This Regulation enters into force immediately upon its publication.
Central Bank of São Tomé and Príncipe, January 11, 2018.
[Dates: 11/01/2018 | Review Date: 11/01/2018 | 01/2018]