Regulatory Alerts2024-01-01
Financial Services (Consolidated Licensing and Fees) (Amendment No. 5) Rules 2024
The Financial Services Commission issued Amendment No. 5 to the Consolidated Licensing and Fees Rules 2008, revising fee schedules for insurance service providers. This amendment replaces item INS-2.1 in the First Schedule to establish updated fixed annual fees and additional Lloyd’s Coverholder charges for Insurance Managers. The revised licensing fee structure takes effect on 30 August 2024, directly adjusting the operational costs for regulated insurance entities.
Government Notice No. 135 of 2024 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. 5) Rules 2024.
- 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 deleting item INS - 2.1 and replacing it by the following – Code Licence Relevant Section of the Insurance Act Processing Fee Fixed Annual Fee INS -2.1 Insurance Manager 70 USD 1,000 Additional fees for Lloyd’s Coverholder USD 500 USD 1900 Additional fees for Lloyd’s Coverholder USD 1,200
- Commencement These Rules shall come into operation on 30 August 2024. Made by the Financial Services Commission on 19 August 2024. By Authority: Government Printing Department, La Tour Koenig 89/08/2024 – 965 Government Notices 2024 993
Share