Insurance Fee Schedule

The full details of the Insurance Fees can be found in Insurance (Amendment) Regulations 2012 and Insurance (Amendment) Regulations 2009 , but for ease of reference a summary is shown in the table below.

Fees on Application for a Licence (Section 5(2))

1. Insurer's Licence -
(a) where insurer is carrying on domestic business $1,000
(b) where insurer is carrying on business other than domestic business in or from within the Islands $500
Insurer's Licence accompanied by an undertaking given under section 7(11) of the Ordinance-
(a) where such undertaking is given by a credit life reinsurer $150
(b) where such undertaking is given by an applicant other than a credit life reinsurer $500
3. Insurance Agent's Licence $500
4. Insurance Broker's Licence $750
5. Insurance Manager's Licence $1000
6. Principal Insurance Representative's Licence $450
7. Insurance Sub-agent's Licence $150

Annual Fees (Section 5(6))

Annually on or before the 31st March during the subsistence of the licence, for each category of licence as follows-
(a) Insurer's Licence where insurer is carrying on domestic business $5,000
(b) Insurer's Licence where insurer is carrying on business other than domestic business in or from within the Islands, other than as mentioned below $2,000
(c) Insurer's Licence accompanied by an undertaking given under section 7(11) of the Ordinance-
      (i) where such undertaking is given by a credit life reinsurer $100
      (ii) where such undertaking is given by an insurer other than a credit life reinsurer $500
(d) Insurance Agent's Licence $500
(e) Insurance Broker's Licence $1,500
(f) Insurance Manager's Licence $3,500
(g) Principal Insurance Representative's Licence $1,500
(h) Insurance Sub-Agent's Licence $100

Provided that when a licence is first granted, the annual fee payable for the initial year of the company's operations shall be the relevant annual fee indicated above, pro-rated from the month in which the licence is granted to the following 31st March.

Miscellaneous Fees

1. Whenever there is a change of directors or officers $25
2. Whenever there is a change of shareholder $25
3. Due diligence checks, per individual$75
4. Change of reinsurer $50
5. Removal of business to be underwritten 50% of the fee on application for a licence for the type of business in question
6. Inclusion of new business to be underwritten 50% of the fee on application for a licence for the type of business in question
7. On merger of companies 50% of the fee on application for a licence for the type of business in question
8. Sale of portfolio to another company 50% of the fee on application for a licence for the type of business in question
9. Purchase of portfolio from another company 50% of the fee on application for a licence for the type of business in question
10. Conversion from 7. (A) Exempt to Ordinary Company 50% of the fee on application for a licence for the type of business in question