NOTICE
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Please be advised, The Financial Services Commission, Providenciales office, will be closed to the public from Monday 23rd December 2024 to Friday 27th December 2024.
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.
| 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 |
| 2. 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 |
| 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.
| 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 |