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Insurance Business Act (Cap. 403) Insurance Business (Fees) (Amendment) Regulations, 2003 (L.N. No. 215 Of 2003 )

INSURANCE BUSINESS ACT (CAP. 403)
Insurance Business (Fees) (Amendment) Regulations, 2003
IN exercise of the powers conferred by article 64 of the Insurance Business Act, the Minister of Finance and Economic Affairs, after consultation with the Malta Financial Services Authority, as the competent authority appointed for the objectives of the Act, has made the following regulations>

Citation and commencement.

L.N.139 of 1999.

Amends Regulation

2 of the principal regulations.

Amends Regulation

5 of the principal regulations.

1. (1) The title of these regulations is the Insurance Business (Fees) (Amendment) Regulations, 2003, and shall be read and construed as one with the Insurance Business (Fees) Regulations, 1999, hereinafter referred to as “the principal regulations” .
(2) These regulations shall come into force on the 1st
January, 2004.
2. Paragraph (1) of regulation 2 of the principal regulations shall be amended as follows>
(a) immediately after the definition of “the Act” there shall be added the following new definition>
“ “the Authority” means the competent authority appointed under article 3 of the Act<”< and
(b) the definition of “Centre” shall be deleted, and for the word “Centre” wherever it appears in the principal regulations, there shall be substituted the word “Authority”.
3. For paragraph (1) of regulation 5 of the principal regulations there shall be substituted the following>-
“5. (1) Subject to paragraph (2) of this regulation, when business of insurance statements are forwarded under article 32 of the Act -
(a) in the case of a company carrying on business of insurance, the company shall pay to the Authority the fee specified in the second column of Table A of Part III of the Schedule, according to the amount of its gross
premiums receivable for the calendar year to which the statements forwarded relate<
(b) in the case of a company acting as an insurance agent, the company shall pay to the Authority the fee specified in the second column of Table B of Part III of the Schedule, according to the amount of its gross commissions receivable for the calendar year to which the statements forwarded relate.”.
4. For paragraph 2 of Part II of the Schedule to the principal regulations there shall be substituted the following>
“2. authorisation to act as an insurance manager 200 and
150 per appointment”.
5. For Part III of the Schedule to the principal regulations there shall be substituted the following>
“Part III
Submission of business statements fees
B 2493

Amends Part II ofthe Schedule to the principal regulations.

Amends Part III of the Schedule to the principal regulations.

Table A
Insurers’ business statements -
First Column Second Column
Fee
Lm
Gross premiums receivable>
Up to and including Lm1,000,000 1,750
Over Lm1,000,000 up to and including Lm1,500,000 2,000
Over Lm1,500,000 up to and including Lm2,000,000 2,500
Over Lm2,000,000 up to and including Lm3,000,000 3,500
Over Lm3,000,000 up to and including Lm5,000,000 4,000
Over Lm5,000,000 up to an including Lm10,000,000 5,000
Over Lm 10,000,000 6,500
B 2494
Table B
Insurance agents’ business statements -
First Column Second Column
Fee
Lm
Gross commissions receivable>
Up to and including Lm100,000 450
Over Lm100,000 up to and including Lm200,000 550
Over Lm200,000 up to including Lm300,000 650
Over Lm300,000 up to and including Lm400,000 750
Over Lm400,000 up to and including Lm500,000 850
Over Lm500,000 up to and including Lm750,000 1,000
Over Lm750,000 up to including Lm1,000,000 1,250
Over Lm1,000,000 1,500”.

Ippubblikat mid-Dipartiment ta’ l-Informazzjoni (doi.gov.mt) — Valletta — Published by the Department of Information (doi.gov.mt) — Valletta

Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press

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