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(1) These Regulations may be cited as the Insurance (Applications and Fees) (Amendment) Regulations, 2024. (2) These Regulations come into force immediately after the Insurance (Amendment and Validation) Act, 2024 comes into force.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Repeal and substitution of regulation 4 of the Insurance (Applications and Fees) Regulations, 2012 - fees 2. The Insurance (Applications and Fees) Regulations, 2012 are amended by repealing regulation 4 and substituting the following regulation \u2014 \u201cFees 4. (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. Regulation 3 Insurance (Applications and Fees) (Amendment) Regulations, 2024 SL 68 of 2024 (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 \u2014 (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.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Repeal and substitution of Schedule 2 to the Insurance (Applications and Fees) Regulations, 2012 - licence fees and annual fees 3. The Insurance (Applications and Fees) Regulations, 2012 are amended by repealing Schedule 2 and substituting the following Schedule \u2014 Insurance (Applications and Fees) (Amendment) Regulations, 2024 Regulation 3 SL 68 of 2024 \u201cSCHEDULE 2 Fees (regulation 4(1), (2), (3) and (4)) PART 1 Application fees and annual fees relating to licensees Column 1 Item No. Column 2 Category of licence Column 3 Application fee Column 4 Annual fee 1. Class A insurer licence $1,000 $84,000 2. Class B(i) insurer licence $1,000 $9,500 3. Class B(ii) insurer licence $1,000 $10,500\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Class B(iii) insurer licence $1,000 $13,500\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Class C insurer licence $1,000 $6,500\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Class D insurer licence $1,000 $120,000\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Insurance agent licence $500 $1,500\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Insurance broker licence $1,000 $15,900\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Insurance manager licence \u2014 (a) acting for 10 or less licensed insurers $1,000 $16,500 (b) acting for 11 to 50 licensed insurers $1,000 $22,000 (c) acting for 51 to 100 licensed insurers $1,000 $27,500 (d) acting for more than 100 licensed insurers $1,000 $33,000\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"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 segregated portfolio company An amount equivalent to the relevant annual fee in respect of the category of licence and an additional amount of $1000 in respect of each segregated Regulation 3 Insurance (Applications and Fees) (Amendment) Regulations, 2024 SL 68 of 2024 Column 1 Item No. Column 2 Category of licence Column 3 Application fee Column 4 Annual fee portfolio within the segregated 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 Column 1 Item No. Column 2 Category of registered person Column 3 Application fee Column 4 Annual fee 1. Portfolio insurance company $1,000 $1,000\u201d. Made in Cabinet the 17th day of December, 2024. Kim Bullings Clerk of the Cabinet\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_2024_01_01\", \"date\": \"2024-01-01\", \"type\": \"generation\", \"source\": \"#cilegis\"}]}, \"references\": {\"source\": \"#canary\", \"TLCRole\": [], \"TLCEvent\": [{\"eId\": \"ev_commencement\", \"href\": \"\/akn\/ontology\/canary\/event\/commencement\", \"showAs\": \"commencement\"}], \"TLCPerson\": [], \"TLCConcept\": [{\"eId\": \"inForce\", \"href\": \"\/akn\/ontology\/canary\/concept\/temporal\/in-force\", \"showAs\": \"in force\"}], \"TLCProcess\": [], \"TLCLocation\": [], \"TLCOrganization\": [{\"eId\": \"cilegis\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\", \"showAs\": \"Cayman Islands legislation mirror (kyleg)\"}]}, \"temporalData\": {\"source\": \"#cilegis\", \"temporalGroup\": [{\"eId\": \"tg_inforce_2024_01_01\", \"timeInterval\": [{\"end\": null, \"start\": \"#e_commence_2024_01_01\", \"duration\": null, \"refersTo\": \"#inForce\"}]}]}, \"classification\": null, \"identification\": {\"source\": \"#cilegis\", \"FRBRWork\": {\"FRBRuri\": \"\/akn\/ky\/act\/amending\/2024\/68\", \"FRBRdate\": [{\"date\": \"2024-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/amending\/2024\/68\/!main\", \"FRBRalias\": [{\"name\": \"cmsId\", \"value\": \"2024-0068\"}], \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRnumber\": \"68 of 2024\", \"FRBRcountry\": \"ky\", \"FRBRsubtype\": \"amending\"}, \"FRBRExpression\": {\"FRBRuri\": \"\/akn\/ky\/act\/amending\/2024\/68\/eng@2024-01-01\", \"FRBRdate\": [{\"date\": \"2024-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/amending\/2024\/68\/eng@2024-01-01\/!main\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRlanguage\": \"eng\"}, \"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/amending\/2024\/68\/eng@2024-01-01.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/amending\/2024\/68\/eng@2024-01-01.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"Insurance (Applications and Fees) (Amendment) Regulations, 2024 (SL 68 of 2024)\", \"actNumber\": \"68 of 2024\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nInsurance Act, 2010\n(Act 32 of 2010)\nINSURANCE (APPLICATIONS AND FEES)\n(AMENDMENT) REGULATIONS, 2024\n\n(SL 68 of 2024)\nSupplement No. 34 published with Legislation Gazette No. 47 dated 19th December, 2024.\n\u2000\n\nPage 2\nSL 68 of 2024\nc\n\nPUBLISHING DETAILS\n\nInsurance (Applications and Fees) (Amendment) Regulations, 2024\nRegulation 1\n\nc\nSL 68 of 2024\nPage 3\n\nCAYMAN ISLANDS\n\nInsurance Act, 2010\n(Act 32 of 2010)\nINSURANCE (APPLICATIONS AND FEES)\n(AMENDMENT) REGULATIONS, 2024\n(SL 68 of 2024)\nIn exercise of the powers conferred by section 40 of the Insurance Act, 2010, the Cabinet\nmakes the following Regulations \u2014\n1.\nCitation and commencement\n1.\n(1) These Regulations may be cited as the Insurance (Applications and Fees)\n(Amendment) Regulations, 2024.\n(2) These Regulations come into force immediately after the Insurance\n(Amendment and Validation) Act, 2024 comes into force.\n2.\nRepeal and substitution of regulation 4 of the Insurance (Applications and\nFees) Regulations, 2012 - fees\n2.\nThe Insurance (Applications and Fees) Regulations, 2012 are amended by repealing\nregulation 4 and substituting the following regulation \u2014\n\u201cFees\n4.\n(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\ntable in Part 1 of Schedule 2.\n\nRegulation 3\nInsurance (Applications and Fees) (Amendment) Regulations, 2024\n\nPage 4\nSL 68 of 2024\nc\n\n(2) For the purposes of section 7(1) of the Act, and subject to paragraphs\n(5) and (7), the prescribed annual fee for a licence is set out in column\n4 of the table in Part 1 of Schedule 2.\n(3) For the purposes of section 28B(1)(b)(iii) of the Act, the prescribed\nnon-refundable application fee for a person registered under the Act\nand in respect of whom a licence is not required to carry on insurance\nbusiness is set out in column 3 of the table in Part 2 of Schedule 2.\n(4) For the purposes of section 7(1A) of the Act, and subject to\nparagraphs (5) and (7), the prescribed annual fee for a person\nregistered under the Act and in respect of whom a licence is not\nrequired to carry on insurance business is set out in column 4 of the\ntable in Part 2 of Schedule 2.\n(5) If the Authority is satisfied that \u2014\n(a)\na licensee holding a Class A, Class B, Class C or Class D insurer\nlicence; or\n(b) a person registered under the Act and in respect of whom a\nlicence is not required to carry on insurance business,\nhas, prior to the date on which the relevant annual fee becomes\npayable, ceased carrying on any insurance business other than that\nnecessary to enable the performance of any obligations the licensee\nor the registered person has under any contracts of insurance in force\nat that date, the annual fee payable by the licensee or the registered\nperson is the equivalent of fifty per cent of the relevant annual fee\nreferred to in paragraph (2) or (4), respectively.\n(6) The relevant annual fee referred to in paragraph (2) or (4), as\napplicable, becomes immediately due and payable if the licensee or\nthe registered person under paragraph (5) effects any new contracts\nof insurance during the year to which the annual fee relates.\n(7) If an application for a Class A, Class B, Class C or Class D insurer\nlicence is granted in the month of December or a person is registered\nto carry on insurance business without requiring a licence to carry on\nsuch business in the month of December, the annual fee payable by\nthe licensee or registered person for the year in which the licence or\nregistration is granted is the equivalent of one-twelfth of the relevant\nannual fee referred to in paragraph (2) or (4), respectively.\u201d.\n3.\nRepeal and substitution of Schedule 2 to the Insurance (Applications and\nFees) Regulations, 2012 - licence fees and annual fees\n3.\nThe Insurance (Applications and Fees) Regulations, 2012 are amended by repealing\nSchedule 2 and substituting the following Schedule \u2014\n\nInsurance (Applications and Fees) (Amendment) Regulations, 2024\nRegulation 3\n\nc\nSL 68 of 2024\nPage 5\n\n\u201cSCHEDULE 2\nFees\n(regulation 4(1), (2), (3) and (4))\nPART 1\nApplication fees and annual fees relating to licensees\nColumn 1\nItem No.\nColumn 2\nCategory of licence\nColumn 3\nApplication fee\nColumn 4\nAnnual fee\n1.\nClass A insurer licence\n$1,000\n$84,000\n2.\nClass B(i) insurer licence\n$1,000\n$9,500\n3.\nClass B(ii) insurer licence\n$1,000\n$10,500\n4.\nClass B(iii) insurer licence\n$1,000\n$13,500\n5.\nClass C insurer licence\n$1,000\n$6,500\n6.\nClass D insurer licence\n$1,000\n$120,000\n7.\nInsurance agent licence\n$500\n$1,500\n8.\nInsurance broker licence\n$1,000\n$15,900\n9.\nInsurance manager licence \u2014\n\n(a) acting for 10 or less licensed\ninsurers\n$1,000\n$16,500\n(b) acting for 11 to 50 licensed\ninsurers\n$1,000\n$22,000\n(c) acting for 51 to 100 licensed\ninsurers\n$1,000\n$27,500\n(d) acting for more than 100\nlicensed insurers\n$1,000\n$33,000\n10.\nWhere the applicant for, or the\nholder of, a licence, as applicable,\nis a segregated portfolio company\nwithin\nthe\nmeaning\nof\nthe\nCompanies Act (2023 Revision)\n$1,000\nand\nan\nadditional\namount\nof $1,000 in respect\nof each segregated\nportfolio created by\nthe\nsegregated\nportfolio company\nAn\namount\nequivalent to the\nrelevant annual fee\nin respect of the\ncategory of licence\nand an additional\namount of $1000 in\nrespect of each\nsegregated\n\nRegulation 3\nInsurance (Applications and Fees) (Amendment) Regulations, 2024\n\nPage 6\nSL 68 of 2024\nc\n\nColumn 1\nItem No.\nColumn 2\nCategory of licence\nColumn 3\nApplication fee\nColumn 4\nAnnual fee\nportfolio within the\nsegregated\nportfolio company.\nPART 2\nApplication fees and annual fees relating to persons registered\nunder the Act who do not require a licence to carry on insurance\nbusiness\nColumn 1\nItem No.\nColumn 2\nCategory of registered person\nColumn 3\nApplication fee\nColumn 4\nAnnual fee\n1.\nPortfolio insurance company\n$1,000\n$1,000\u201d.\nMade in Cabinet the 17th day of December, 2024.\nKim Bullings\nClerk of the Cabinet","akn_extracted_at":"2026-06-22 15:41:43.836285+00","cms_id":"2024-0068","law_type":"amending","year":"2024","number":"68","title":"Insurance (Applications and Fees) (Amendment) Regulations, 2024 (SL 68 of 2024)","status":"spent"},"provenance":{"files":[{"file_id":"6834","expr_id":"2054","kind":"akn_xml","filename":"2024-0068.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2024\/2024-0068\/2024-0068.akn.xml","content_md5":"3728875a7360745036a120bb788dbecd","byte_size":"9537","http_last_modified":null,"fetched_at":"2026-06-22 15:41:43.982344+00"},{"file_id":"4107","expr_id":"2054","kind":"pristine_pdf","filename":"2024-0068.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2024\/2024-0068\/2024-0068.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/AMENDING\/2024\/2024-0068\/2024-0068.pdf","content_md5":"cabe934061d9121dacf674a6d10a6b5a","byte_size":"266245","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.18714+00"},{"file_id":"4108","expr_id":"2054","kind":"working_pdf","filename":"2024-0068.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2024\/2024-0068\/2024-0068.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2024\/2024-0068\/2024-0068.pdf","content_md5":"cabe934061d9121dacf674a6d10a6b5a","byte_size":"266245","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.18714+00"}],"paragraph_count":8,"latest_history":null},"quality":{"expr_id":"2054","doc_id":"2054","quality_state":"needs_review","quality_score":"72","needs_human_review":"t","deterministic_categories":"{commencement_metadata_problem,duplicate_text,page_header_footer_noise}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_commencement_metadata}","finding_severity_counts":"{\"low\": 1, \"medium\": 2}","finding_summary":"repeated line furniture detected: amendment regulations 2024 x3; sl 68 of 2024 x7; insurance applications and fees amendment regulati x4; duplicate-line ratio is 23.39%","assessed_at":"2026-06-22 15:29:46.448161+00","updated_at":"2026-06-22 15:29:46.448161+00"}}