Section 3
( 1)
of Insurance Regulations, 2006
A registered insurer shall pay to the Authority the following fees -
(a} for registration in respect of life business, a fee of $20,000;
(b)
for registration in respect of general business, a fee of $20,000.
(2)
A registered insurer shall pay to the Authority the following fees on or before 1st. January of each year-
(a} for carrying on life business, a fee of $10,000;
(b)
for carrying on general business, a fee of $10,000;
(c)
for opening a branch office, a fee of $3,000;
(d)
for opening of a counter, a fee of $1,000.
( 3)
Where a registered insurer becomes registered in respect of life business or general business forms of business after 1st. January in any year, that insurer shall pay to the Authority, in addition to the fee payable under sub-regulation ( 1), one-twelfth of the fee which will become payable under sub-regulation (2) on or before 1st. January in the following year for each remaining calendar month in that year.
1079
Insurance agent's fees.