Insurance
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 |