S.L. 403.26 Art. 5Fees in relation to cell companies carrying on the business of insurance and, or reinsurance. S.L. 386.10. 

(1) A company that is to be formed or constituted as a cell company to carry on the business of insurance and, or reinsurance shall, upon submission of an application to the competent authority for approval in accordance with regulation 6 of the

Companies Act (Cell Companies Carrying on Business of Insurance)

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

(2) A company authorised under the Act to carry on the business of insurance and, or reinsurance that is to be converted into a cell company shall, upon submission of an application to the competent authority for approval in accordance with regulation 6 of the Companies Act (Cell Companies Carrying on Business of

Insurance) Regulations, 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 company 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 company intends to carry on both long term business and general business, only the highest of the minimum application fees due by that company in accordance with this sub-regulation shall apply.

(3) A cell company approved in accordance with regulation

5 of the Companies Act (Cell Companies Carrying on Business of

Insurance) Regulations that intends to create a new cell shall, upon submission of an application to the competent authority for approval in accordance with regulation 6 of the said regulations, 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 cell would be carrying 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 cell intends to carry on both long term business and general business, only the highest of the minimum application fees due by such cell in accordance with this sub-regulation shall apply.

(4) A cell company approved in accordance with regulation 5 of the Companies Act (Cell Companies Carrying on

Business of Insurance) Regulations shall, subject to the provisions of sub-regulation (7), 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 a cell company as referred to in this sub-regulation in accordance with article 39(3) of the Act, the annual supervisory fee due by that cell company 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.

(5) Without prejudice to the provisions of sub-regulation

(4), a cell company as referred to in the said sub-regulation that has been granted approval to create one (1) or more cells in accordance with the Companies Act (Cell Companies Carrying on Business of

Insurance) Regulations shall, subject to the provisions of sub-regulation (7), pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable, with respect to every such cell:

Provided further that such annual supervisory fee shall vary depending on whether such cell carries on exclusively the business of affiliated insurance.

(6) Notwithstanding the provisions of sub-regulations (4) and (5), the first annual supervisory fee due to the competent authority in accordance with the said sub-regulations 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 a cell company is granted approval in accordance with the Companies Act (Cell

Companies Carrying on Business of Insurance) Regulations and the end of the calendar year in which such approval 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 (7):

Provided that were a cell as referred to in sub-

regulation (5) carries on exclusively the business of affiliated insurance, the first annual supervisory fee due in accordance with the said sub-regulation shall be prorated according to the period remaining between the date when a cell company has been granted approval to create that cell in accordance with the

Companies Act (Cell Companies Carrying on the Business of Insurance) Regulations and the date when the next annual supervisory fee is due in accordance with sub-regulation (7).

(7) The first annual supervisory fee due in accordance with sub-regulation (6) shall be paid to the competent authority on the date when the cell company is granted approval in accordance with the

Companies Act (Cell Companies Carrying on Business of

Insurance) Regulations, and every annual supervisory fee following the first annual supervisory fee which is due in accordance with sub-regulations (4) and (5) shall be paid to the competent authority one

(1) month from the date of submission of the annual quantitative template as established by law: Provided that were a cell as referred to in sub-regulation

(5) carries on exclusively the business of affiliated insurance, the first annual supervisory fee due in accordance with sub-regulation (6)

shall be paid to the competent authority on the date when a cell company has been granted approval to create such cell in accordance with the Companies Act (Cell Companies Carrying on the Business of Insurance) 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.