Regulatory Alerts2022-01-01
Financial Services (Consolidated Licensing and Fees) (Amendment No. 6) Rules 2022
The Financial Services Commission has issued Amendment No. 6 to the Consolidated Licensing and Fees Rules 2008, effective 26 November 2022. This amendment updates the First Schedule by introducing a new licensing category for Third Party Administrators under Insurance Service Providers. The updated schedule specifies applicable Insurance Act sections and establishes processing fees of Rs 25,000 or USD 1,000 alongside fixed annual fees of Rs 47,500 or USD 1,900.
3486 Government Notices 2022 By Authority: Government Printing Department, La Tour Koenig 148/11/2022 – 983 Vinit/Imac05/Govt Notices/2022/FS (Consolidated Licensing and Fees) (Amd No. 6) Rules 2022 - 24.11.2022 - 1st Proof Government Notice No. 307 of 2022 THE FINANCIAL SERVICES 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. 6) 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 “Insurance Service Providers”, by adding the following new item – Insurance Service Providers Code Licence Relevant section of Insurance Act Processing Fee Fixed Annual Fee INS-2.6 Other Insurance Professionals
- Third Party Administrator 78A Rs 25, 000 USD 1,000 Rs 47,500 USD 1,900
- These rules shall come into operation on 26 November 2022. Made by the Financial Services Commission on 22 November