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Insurance - Fee Schedule

9The following is the Schedule of fees paid in accordance with the Forms and Fees regulations  attached to the Insurance and Exempt Insurance Acts, and section 44 (1) of the Financial Services Commission Act, 2010-21.

DOMESTIC COMPANIES

FOR FILING OF AN APPLICATION

AMOUNT OF FEE (BBD$)

An insurance company

  500.00

An association of underwriters

  500.00

An individual, company  or a firm of brokers

  300.00

An individual, company or a firm of agents or sub-agents

  200.00

A salesman

    50.00

An individual, company or firm of loss assessors, adjusters and insurance surveyors

  500.00

 

FOR ANNUAL REGISTRATION

AMOUNT OF FEE (BBD$)

An insurance company (writing new business)

   20,000.00

An insurance company (not writing new business)

     3,000.00

An association of underwriters

  20,000.00

An individual, company  or a firm of brokers

   3,000.00

An individual, company or a firm of agents or sub-agents

   2,000.00

A salesman

      200.00

An individual, company, or firm of loss assessors, adjusters and insurance surveyors

      500.00

For taking a record of any fact required by the Act or authorized to be recorded by the Supervisor

        10.00

Registration fees are due and payable on the first day of January in each year.  Failure to pay the fee within 30 days after the fee becomes due and payable, will result in the payment of a penalty which is equal to the fee.

EXEMPT INSURANCE AND QUALIFYING INSURANCE COMPANIES

FILING OF AN APPLICATION

AMOUNT OF FEE (BBD$)

Exempt Insurance company

         500.00

Management company

         500.00

Holding company

         500.00

Qualifying Insurance company

         500.00

 

FOR ANNUAL LICENCE

AMOUNT OF FEE (BBD$)

Exempt Insurance company

         20,000.00

Management company

         20,000.00

Holding company

         20,000.00

Qualifying Insurance company

         20,000.00

Registration fees are due and payable on the thirty first day of January in each year.  Failure to pay the fee within 28 days after the fee becomes due and payable, will result in the payment of a penalty which is equal to the fee.