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2017-01-01

Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2017

The Financial Services Commission issued these rules to amend the licensing and fee schedule for insurance and reinsurance businesses operating as protected cell companies. The amendments insert specific initial and annual fee structures in United States dollars for long-term, general, external insurance, and professional reinsurance categories. These updated fee requirements take effect on 1 July 2017 under the authority of section 93 of the Financial Services Act.

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Government Notices 2017 539

Government Notice No. 119 of 2017

THE FINANCIAL SERVICES ACT

FSC Rules made by the Financial Services Commission under section 93 of the Financial Services Act

  1. These rules may be cited as the Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2017.

  2. In these rules —

"principal rules" means the Financial Services (Consolidated Licensing and Fees) Rules 2008.

  1. The First Schedule to the principal rules is amended, in Part I, under the heading "(Insurers/Reinsurers)" —

(a) by inserting, after item INS-1.1, the following new item and its corresponding entries —

INS 1.1AvLong-term Insurance Business (protected cell company)11USD 2,500 for the first cell, and USD 750 for every additional cellUSD 3,000 for the first cell, and USD 600 for every additional cell(0.35%* Gross Premium from policies issued)

(b) by inserting, after item INS-1.2, the following new item and its corresponding entries —

INS 1.2AvGeneral Insurance Business (protected cell company)11USD 2,500 for the first cell, and USD 750 for every additional cellUSD 3,000 for the first cell, and USD 600 for every additional cell(0.35%* Gross Premium)

540 Government Notices 2017

(c) by inserting, after item INS-1.3, the following new item and its corresponding entries —

INS-1.3AvExternal Insurance Business (protected cell company)11USD 1,000 for the first cell, and USD 300 for every additional cellUSD 1,500 for the first cell, and USD 300 for every additional cell-

(d) by inserting, after item INS-1.4, the following new item and its corresponding entries —

INS-1.4AvProfessional reinsurer (protected cell company)11USD 1,000 for the first cell, and USD 300 for every additional cellUS$ 1,500 for the first cell, and US$ 300 for every additional cell-
  1. These rules shall come into operation on 1 July 2017.

Made by the Financial Services Commission on 9 June 2017.

BY AUTHORITY: GOVERNMENT PRINTING DEPARTMENT, LA TOUR KOENIG 58/06/17 – 1221

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