S.L. 487.3 Art. 5Payment of submission of statements of business of insurance or reinsurance distribution activities fees.

When the statements relating to the business of insurance distribution activities and, or reinsurance distribution activities are forwarded to the competent authority, in accordance with article 25 of the Act, an enrolled person shall pay to the competent authority the fee specified in the Second Column of Part III of the Schedule, according to the amount of its gross commissions receivable for the latest calendar year reported:

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 minimum fee established in the Second Column of Part III of the Schedule. The first annual supervisory fee payable shall be proportionate to the period remaining between the date of granting of the enrolment and the date established for the submission of the statements relating to the business of insurance distribution activities and, or reinsurance distribution activities.