S.L. 487.3 Art. 6Fees payable by cell companies.

(1) Where an application is submitted by a company to carry out insurance distribution activities or reinsurance distribution activities, which will,, when formed or constituted, be enrolled or, when converted, is a company enrolled in the Managers List or Brokers List in terms of article 13 of the Act, or where an application is submitted for the creation of a new cell pursuant to the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations, the applicant shall upon submission of the application, irrespective of whether the application is eventually accepted or not, pay to the competent authority the fee relating to the kind of enrolment, to which the application relates specified in the Second Column of Part I of the Schedule.

(2) In the case of a person enrolled in the Brokers List, when the statements relating to the business of insurance distribution activities and, or reinsurance distribution activities are forwarded by the cell company in accordance with article 25 of the Act, there shall be paid by the said cell company to the competent authority the fee specified in the Second Column of Part III of the Schedule according to the amount of the gross commissions receivable by the cell company, including commissions receivable by the cells.

(3) In the case of a person enrolled in the Managers List, during the month of January of the following year, the insurance manager shall pay to the competent authority the fee relating to the annual supervisory fee for the kind of enrolment of the person, specified in the Second Column of Part II of the Schedule:

Provided that, the first annual supervisory fee shall be due immediately once an enrolment is granted and shall be equal to a proportion of the fee established in the Second Column of Part II of the Schedule. The first annual supervisory fee payable shall be proportionate to the period remaining between the date of enrolment and the end of that calendar year.