S.L. 403.26 Art. 4Fees in relation to captive insurance and reinsurance undertakings. S.L. 403.11. 

(1) An undertaking that intends to act as a captive insurance or reinsurance undertaking in accordance with the

Insurance Business (Captive Insurance Undertaking and Captive

Reinsurance Undertakings) Regulations 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 that has been authorised under the Act to act as a captive insurance or reinsurance undertaking in accordance with the Insurance Business (Captive Insurance Undertaking and

Captive Reinsurance Undertakings) Regulations 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 the first annual supervisory fee shall be prorated according to the period remaining between the date when an undertaking is granted authorisation under the Act to act as a captive insurance or reinsurance undertaking in accordance with the said regulations and the date when the next annual supervisory fee is due in accordance with sub-regulation (3).

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) The first annual supervisory fee due in accordance with sub-regulation (2) shall be paid to the competent authority on the date when an undertaking is granted authorisation under the Act to act as a captive insurance or reinsurance undertaking in accordance with the

Insurance Business (Captive Insurance Undertaking and Captive

Reinsurance Undertakings) Regulations, and every annual supervisory fee following the first annual supervisory fee shall be paid to the competent authority on the 31st January of each calendar year.

(4) Repealed by Legal Notice 303 of 2025.