S.L. 403.26 Art. 3Fees in relation to undertakings carrying on the business of insurance and, or reinsurance. 

(1) An undertaking whose head office is in Malta that intends to carry on the business of insurance and, or reinsurance in or from Malta or in or from a country outside Malta shall, upon submission of an application to the competent authority for authorisation in accordance with article 7 of the Act, pay to the competent authority an application fee as established in the First Schedule, as applicable, with respect to such application:

Provided that, in any case, the application fee due in accordance with this sub-regulation with respect to the long term business or the general business which such undertaking intends to carry on shall not be less than the minimum application fee established in the First Schedule, as applicable, with respect to each such type of business:

Provided further that where such undertaking intends to carry on both long term business and general business, only the highest of the minimum application fees due by such undertaking in accordance with this sub-regulation shall apply.

(2) An undertaking whose head office is in Malta that has been authorised under the Act to carry on the business of insurance and, or reinsurance in or from Malta or, in or from a country outside Malta shall, subject to the provisions of sub-regulation (4), pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable: Provided that, in any case, the annual supervisory fee shall not be less than the minimum annual supervisory fee established in the Second Schedule, as applicable:

Provided further that where the competent authority issues a permit to an undertaking as referred to in this sub-regulation in accordance with article 39(3) of the Act, the annual supervisory fee due by that undertaking in accordance with this sub-regulation following the date referred to in paragraph (a) of the said article shall be the minimum annual supervisory fee established in the Second Schedule, as applicable.

(3) Notwithstanding the provisions of sub-regulation (2), the first annual supervisory fee due to the competent authority in accordance with the said sub-regulation shall be the aggregate of the following:

(a) the minimum fee established in the Second Schedule, as applicable, prorated according to the period remaining between the date when an undertaking as referred to in sub-regulation (2) is granted authorisation under the Act and the end of the calendar year in which such authorisation was granted; and

(b) the minimum fee established in the Second Schedule, as applicable, prorated according to the period between the start of the following calendar year and the date when the next supervisory fee is due in accordance with sub-regulation (4).

(4) The first annual supervisory fee due in accordance with sub-regulation (3) shall be paid to the competent authority on the date when an undertaking as referred to in sub-regulation (2) is granted authorisation under the Act, and every annual supervisory fee following the first annual supervisory fee which is due in accordance with sub-regulation (2) shall be paid to the competent authority one

(1) month from the date of submission of the annual quantitative template as established by law.

(5) A third country insurance or reinsurance undertaking that intends to carry on the business of insurance and, or reinsurance in or from Malta shall, upon submission of an application to the competent authority for authorisation in accordance with article 7 of the Act, pay to the competent authority an application fee as established in the First Schedule, as applicable, with respect to such application:

Provided that, in any case, the application fee due in accordance with this sub-regulation with respect to the long term business or the general business which such undertaking intends to carry on shall not be less than the minimum application fee established in the First Schedule, as applicable, with respect to each such type of business:

Provided further that where such undertaking intends to carry on both long term business and general business, only the highest of the minimum application fees due by such undertaking in accordance with this sub-regulation shall apply.

(6) A third country insurance or reinsurance undertaking that has been authorised under the Act to carry on the business of insurance and, or reinsurance in or from Malta shall, subject to the provisions of sub-regulation (8), pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable:

Provided that, in any case, the annual supervisory fee shall not be less than the minimum annual supervisory fee established in the Second Schedule, as applicable:

Provided further that where the competent authority issues a permit to an undertaking as referred to in this sub-regulation in accordance with article 39(3) of the Act, the annual supervisory fee due by that undertaking in accordance with this sub-regulation following the date referred to in paragraph (a) of the said article shall be the minimum annual supervisory fee established in the Second Schedule, as applicable.

(7) Notwithstanding the provisions of sub-regulation (6), the first annual supervisory fee due to the competent authority in accordance with the said sub-regulation shall be the aggregate of the following:

(a) the minimum fee established in the Second Schedule, as applicable, prorated according to the period remaining between the date when an undertaking as referred to in sub-regulation (6) is granted authorisation under the Act and the end of the calendar year in which such authorisation was granted; and

(b) the minimum fee established in the Second Schedule, as applicable, prorated according to the period between the start of the following calendar year and the date when the next supervisory fee is due in accordance with sub-regulation (8).

(8) The first annual supervisory fee due in accordance with sub-regulation (7) shall be paid to the competent authority on the date when an undertaking as referred to in sub-regulation (6) is granted authorisation under the Act, and every annual supervisory fee following the first annual supervisory fee which is due in accordance with sub-regulation (6) shall be paid to the competent authority one

(1) month from the date of submission of the annual quantitative template as established by law.