Insurance (Applications and Fees) (Amendment) Regulations, 2024 (SL 68 of 2024)

Insurance Act, 2010 INSURANCE (APPLICATIONS AND FEES)

PUBLISHING DETAILS

Regulation 1

Insurance Act, 2010 INSURANCE (APPLICATIONS AND FEES) In exercise of the powers conferred by section 40 of the Insurance Act, 2010, the Cabinet makes the following Regulations — Citation and commencement (1) These Regulations may be cited as the Insurance (Applications and Fees) (2) These Regulations come into force immediately after the Insurance (Amendment and Validation) Act, 2024 comes into force. Repeal and substitution of regulation 4 of the Insurance (Applications and Fees) Regulations, 2012 - fees The Insurance (Applications and Fees) Regulations, 2012 are amended by repealing regulation 4 and substituting the following regulation — “Fees (1) For the purposes of section 4(2)(b) of the Act, the prescribed nonrefundable application fee for a licence is set out in column 3 of the table in Part 1 of Schedule 2.

(2) For the purposes of section 7(1) of the Act, and subject to paragraphs (5) and (7), the prescribed annual fee for a licence is set out in column 4 of the table in Part 1 of Schedule 2. (3) For the purposes of section 28B(1)(b)(iii) of the Act, the prescribed non-refundable application fee for a person registered under the Act and in respect of whom a licence is not required to carry on insurance business is set out in column 3 of the table in Part 2 of Schedule 2. (4) For the purposes of section 7(1A) of the Act, and subject to paragraphs (5) and (7), the prescribed annual fee for a person registered under the Act and in respect of whom a licence is not required to carry on insurance business is set out in column 4 of the table in Part 2 of Schedule 2. (5) If the Authority is satisfied that — (a) a licensee holding a Class A, Class B, Class C or Class D insurer licence; or (b) a person registered under the Act and in respect of whom a licence is not required to carry on insurance business, has, prior to the date on which the relevant annual fee becomes payable, ceased carrying on any insurance business other than that necessary to enable the performance of any obligations the licensee or the registered person has under any contracts of insurance in force at that date, the annual fee payable by the licensee or the registered person is the equivalent of fifty per cent of the relevant annual fee referred to in paragraph (2) or (4), respectively. (6) The relevant annual fee referred to in paragraph (2) or (4), as applicable, becomes immediately due and payable if the licensee or the registered person under paragraph (5) effects any new contracts of insurance during the year to which the annual fee relates. (7) If an application for a Class A, Class B, Class C or Class D insurer licence is granted in the month of December or a person is registered to carry on insurance business without requiring a licence to carry on such business in the month of December, the annual fee payable by the licensee or registered person for the year in which the licence or registration is granted is the equivalent of one-twelfth of the relevant annual fee referred to in paragraph (2) or (4), respectively.”. Repeal and substitution of Schedule 2 to the Insurance (Applications and Fees) Regulations, 2012 - licence fees and annual fees The Insurance (Applications and Fees) Regulations, 2012 are amended by repealing Schedule 2 and substituting the following Schedule —

“SCHEDULE 2 Fees (regulation 4(1), (2), (3) and (4)) PART 1 Application fees and annual fees relating to licensees Class A insurer licence $1,000 $84,000 Class B(i) insurer licence $1,000 $9,500 Class B(ii) insurer licence $1,000 $10,500 Class B(iii) insurer licence $1,000 $13,500 Class C insurer licence $1,000 $6,500 Class D insurer licence $1,000 $120,000 Insurance agent licence $1,500 Insurance broker licence $1,000 $15,900 Insurance manager licence —

(a) acting for 10 or less licensed $1,000 $16,500 (b) acting for 11 to 50 licensed $1,000 $22,000 (c) acting for 51 to 100 licensed $1,000 $27,500 (d) acting for more than 100 licensed insurers $1,000 $33,000 Where the applicant for, or the holder of, a licence, as applicable, is a segregated portfolio company within the meaning of the Companies Act (2023 Revision) $1,000 and an additional amount of $1,000 in respect of each segregated portfolio created by the portfolio company An amount equivalent to the relevant annual fee in respect of the and an additional amount of $1000 in respect of each

portfolio within the portfolio company. PART 2 Application fees and annual fees relating to persons registered under the Act who do not require a licence to carry on insurance business Category of registered person Portfolio insurance company $1,000 Made in Cabinet the 17th day of December, 2024. Kim Bullings Clerk of the Cabinet