Insurance (Variation of Fees) Regulations, 2009

Summary

This is a 2009 Cayman Islands regulation that amends the fee schedule attached to the Insurance Law (2008 Revision). It updates the annual licence fees payable by insurers holding Class 'A' and Class 'B' insurance licences, and introduces a new additional fee for licensees structured as segregated portfolio companies. The regulations came into force on 1 January 2010.

• Class 'A' licensees: The annual licence fee for Class 'A' (Locally incorporated) and Class 'A' (Approved external insurer) licensees is set at $50,000.
• Class 'B' licensees: The annual licence fee for Class 'B' (Unrestricted) and Class 'B' (Restricted) licensees is set at $8,500.
• Segregated portfolio companies: Any licence holder that is a segregated portfolio company (as defined under the Companies Law (2009 Revision)) must pay a further $250 per segregated portfolio, on top of the standard annual licence fee.

The regulations also include transitional provisions clarifying that matters commenced under the prior fee regime before the amendment took effect continue to be dealt with under the former law if partly completed, while matters not yet commenced or dealt with are to be treated as arising under the amended law.

Key obligations

• Class 'A' (Locally incorporated) and Class 'A' (Approved external insurer) licensees must pay an annual licence fee of $50,000.
• Class 'B' (Unrestricted) and Class 'B' (Restricted) licensees must pay an annual licence fee of $8,500.
• Licensees that are segregated portfolio companies must pay an additional annual licence fee of $250 for each segregated portfolio, in addition to the standard annual licence fee.

Applies to

Class 'A' insurers (locally incorporated), Class 'A' insurers (approved external insurer), Class 'B' insurers (unrestricted), Class 'B' insurers (restricted), segregated portfolio companies holding an insurance licence

Deadlines

• 1st January, 2010: Commencement date on which the revised annual licence fees and segregated portfolio fee take effect.