Insurance (Applications and Fees) (Amendment) Regulations, 2024 (SL 68 of 2024)

Summary

This is an amendment to the Insurance (Applications and Fees) Regulations, 2012, made under the Insurance Act, 2010. It repeals and replaces regulation 4 (the fees provision) and Schedule 2 (the fee tables) of the principal regulations, setting new prescribed application fees and annual fees for insurance licensees and for persons registered under the Act who do not require a licence.

The amendment applies to all categories of insurer licence (Class A, B(i), B(ii), B(iii), C and D), insurance agents, insurance brokers, and insurance managers (with tiered fees based on the number of insurers they act for), as well as segregated portfolio companies and portfolio insurance companies registered under the Act. It updates the dollar amounts payable for both initial applications and annual licence/registration renewal.

• 50% fee reduction: A 50% reduction in the annual fee where CIMA is satisfied the licensee/registered person has ceased carrying on insurance business (other than run-off of existing contracts).
• Reinstatement of full fee: Immediate reinstatement of the full fee if new contracts are written during that year.
• Pro-rating for December grants: Pro-rating of the annual fee to one-twelfth where a licence or registration is granted in December.

The Regulations come into force immediately after the Insurance (Amendment and Validation) Act, 2024 comes into force, rather than on a fixed calendar date.

Key obligations

• Licensees and registered persons must pay the new prescribed non-refundable application fees set out in Schedule 2, Parts 1 and 2, for each category of licence or registration.
• Licensees and registered persons must pay the new prescribed annual fees set out in Schedule 2, Parts 1 and 2, for their category of licence or registration.
• A licensee/registered person that has ceased carrying on insurance business (other than run-off of existing contracts) prior to the annual fee due date pays only 50% of the applicable annual fee, subject to CIMA's satisfaction of the cessation.
• If a licensee/registered person paying the reduced 50% fee effects any new contracts of insurance during that year, the full annual fee becomes immediately due and payable.
• Where a licence or registration is granted in December, the annual fee payable for that year is one-twelfth of the standard annual fee.
• Segregated portfolio companies must pay an additional $1,000 application fee and $1,000 annual fee per segregated portfolio, on top of the base licence fees.

Applies to

Class A insurer licensees, Class B(i) insurer licensees, Class B(ii) insurer licensees, Class B(iii) insurer licensees, Class C insurer licensees, Class D insurer licensees, insurance agents, insurance brokers, insurance managers, segregated portfolio companies, portfolio insurance companies (registered persons not requiring a licence)

Deadlines

• immediately after the Insurance (Amendment and Validation) Act, 2024 comes into force: Commencement date of these Regulations

Related documents

• This document amends Insurance (Applications and Fees) Regulations, 2012
• This document amends Insurance (Applications and Fees) Regulations (2026 Revision)
• This document is made under Insurance Law, 2010 (Law 32 of 2010)
• Insurance (Applications and Fees) Regulations (2026 Revision) replaces this document