Regulatory Alerts2017-01-23
Regulation (NAP) - Supervision Fee for the Year 2016
The Central Bank of São Tomé and Príncipe establishes the 2016 supervision fee for authorized insurance companies, fixing it at 11,719,125.00 Dobras each for SAAR São Tomé and Príncipe and Nicon Seguros based on the December 31, 2016 exchange rate. The regulation mandates that these amounts be deposited into the designated BCSTP account by February 20, 2017. This standard applies to all authorized insurance companies operating within the national territory and enters into force immediately upon publication.
Banco Central of São Tomé and Príncipe
NAP - PERMANENT APPLICATION STANDARD
Subject: Supervision Fee for the Year 2016 Proposer(s): DSIF | Entry into Force: 23/01/2017 | Issue Date: 23/01/2017 Document No.: 04/2017 | Page: 1/2
Considering that Article 1, Paragraph 1 of Decree-Law No. 28/2000 of November 15 provides for the establishment of a supervision fee to be paid annually by insurance companies; The Central Bank of São Tomé and Príncipe, under Article 15, Paragraph 3 of Decree-Law No. 47/98 of December 31, determines the following:
Article 1. Scope This Standard applies to all insurance companies, whether headquartered within or outside the national territory, authorized to conduct their activities in São Tomé and Príncipe.
Article 2. Fee In accordance with Article 10 of Decree-Law No. 28/2000, insurance companies authorized to conduct their activities in São Tomé and Príncipe are subject to the annual payment of a supervision fee, denominated in Dobras, which may not be less than the equivalent of USD 200 (two hundred United States dollars) nor more than USD 500 (five hundred United States dollars). Thus, based on the exchange rate as of December 31, 2016, the amounts are fixed in Dobras as follows:
- 11,719,125.00 (eleven million, seven hundred and nineteen thousand, one hundred and twenty-five Dobras), the supervision fee corresponding to the 2016 fiscal year to be paid by the insurance company SAAR São Tomé and Príncipe;
- 11,719,125.00 (eleven million, seven hundred and nineteen thousand, one hundred and twenty-five Dobras), the supervision fee corresponding to the 2016 fiscal year to be paid by the insurance company Nicon Seguros.
Article 4. Payment Procedures
- The amounts stipulated in the preceding article of this Standard must be deposited by February 20 of the current year, with reference to the year 2016, into the BCSTP account designated as "Supervision Fee".
Article 5. Final Provisions This Standard enters into force immediately.
Central Bank of São Tomé and Príncipe, January 23, 2017. Proposer(s): DSIF
SB 01 | CODE: SB 01 Entry into Force: 23/01/2017 | Issue Date: 23/01/2017 Document No.: 04/2017 | Page: 2/2 NAP - PERMANENT APPLICATION STANDARD