Regulatory Alerts2009-01-01
Financial Institutions (Miscellaneous Provisions and Validation) Act, 2009
The Parliament of Barbados enacted this Act to amend specific financial regulations and validate licence fees collected under the 2008 Financial Statement. The legislation increases licence fees for exempt insurance, general insurance, and various financial institutions by amending the Exempt Insurance Regulations, Insurance Regulations, and Financial Institutions (Fees) Regulations. Furthermore, it retrospectively validates licence fees paid between January 1, 2009, and the Act's commencement, deeming them validly collected despite provisional tax collection limitations.
Supplement to Official Gazette No. 98 dated 5th November, 2009
FINANCIAL INSTITUTIONS (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2009 – 24
Arrangement of Sections
Section
- Short title.
- Amendment of enactments set out in Schedule.
- Validation.
- Commencement.
SCHEDULE
BARBADOS
I assent C. STRAUGHN HUSBANDS Governor-General 30th October, 2009.
2009 – 24
An Act to make provision for the
(a) increase in licence fees payable under certain Regulations; and
(b) validation of those licence fees that were paid and collected
pursuant to the 2008 Financial Statement and Budgetary Proposals.
(1st January, 2009). Commencement.
ENACTED by the Parliament of Barbados as follows:
1. This Act may be cited as the Financial Institutions (Miscellaneous Provisions and Validation) Act, 2009. Short title.
2 FINANCIAL INSTITUTIONS (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2009 – 24
Amend-ment of enactments set out in Schedule. 2. The enactments set out in Column 1 of the Schedule are amended in the respects specified opposite thereto in Column 2 of the Schedule.
Validation. Cap. 85. 3. Notwithstanding sections 3(2) and 5 of the Provisional Collection of Taxes Act, the licence fees purportedly paid and collected under the respective Regulations referred to in the Schedule during the period 1st day of January, 2009 to the date of commencement of this Act are deemed to have been validly paid and collected.
Commence-ment. 4. The amendments directed to be made by section 2 of this Act shall be deemed to have come into effect from the 1st day of January, 2009.
FINANCIAL INSTITUTIONS (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2009 – 24 3
SCHEDULE
(Section 2)
| Column 1 | Column 2 |
|---|---|
| Enactments | Amendments |
| 1. Exempt Insurance (Forms and Fees) Regulations, 1983 (S.I. 1983 No. 164) | In the Second Schedule delete paragraph 3 and substitute the following: "3. For the annual renewal of an exempt insurance licence ............................ 20 000.". |
| 2. Insurance (Forms and Fees) Regulations, 1998 (S.I. 1998 No. 76) | In the Second Schedule delete paragraph 2(a) and substitute the following: "2. (a) an insurance company (writing new business) ............................ 20 000.". |
| 3. Financial Institutions (Fees) Regulations, 1998 (S.I. 1998 No. 109) | Delete the Schedule and substitute the following: "SCHEDULE (Regulations 2 and 3) FEES PART I |
| First Column | |
| 1. On the issue of a licence | |
| (a) where the company has only one branch or representative office in Barbados, an amount of ............................ |
4 FINANCIAL INSTITUTIONS (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2009 – 24
SCHEDULE – Cont'd
| Column 1 | Column 2 |
|---|---|
| Enactments | Amendments |
| 3. Financial Institutions (Fees) Regulations, 1998 (S.I. 1998 No. 109) – Cont'd | First Column |
| (b) where the company has more than one branch or representative office in Barbados, in respect of each branch or representative office an additional amount of ............................ | |
| 2. On or before the 1st day of January of every year after the year in which the licence was issued, | |
| (a) where the company has only one branch or representative office in Barbados, an amount of ............................ |
FINANCIAL INSTITUTIONS (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2009 – 24 5
SCHEDULE – Cont'd
| Column 1 | Column 2 |
|---|---|
| Enactments | Amendments |
| 3. Financial Institutions (Fees) Regulations, 1998 (S.I. 1998 No. 109) – Cont'd | First Column |
| (b) where the company has more than one branch or representative office in Barbados, in respect of each branch or representative office an additional amount of ............................ | |
| 3. In respect of any branch or representative office opened after 1st day of January of any year, an amount of ............................ | |
| 4. On or before the 1st day of January of every year in respect of each Automated Banking or Teller Machine installed at a location other than a branch, an amount of ............................ | |
| 5. In respect of any Automated Banking or Teller Machine opened after 1st day of January of any year, an amount of ............................ |
6 FINANCIAL INSTITUTIONS (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2009 – 24
SCHEDULE – Cont'd
| Column 1 | Column 2 |
|---|---|
| Enactments | Amendments |
| 3. Financial Institutions (Fees) Regulations, 1998 (S.I. 1998 No. 109) – Cont'd | PART II |
| First Column | |
| 1. On the issue of a licence | |
| (a) where the company has only one branch or representative office in Barbados, an amount of ............................ | |
| (b) where the company has more than one branch or representative office in Barbados, in respect of each branch or representative office an additional amount of ............................ | |
| (c) where the company is a non-deposit taking financial institution ............................ |
FINANCIAL INSTITUTIONS (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2009 – 24 7
SCHEDULE – Concl'd
| Column 1 | Column 2 |
|---|---|
| Enactments | Amendments |
| 3. Financial Institutions (Fees) Regulations, 1998 (S.I. 1998 No. 109) – Concl'd | First Column |
| 2. On or before the 1st day of January of every year after the year in which the licence was issued, | |
| (a) where the company has only one branch or representative office in Barbados, an amount of ............................ |