S.L. 403.26 Art. 6Fees in relation to incorporated 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 an incorporated 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:

(2) A company that intends to transform in accordance with any of the provisions of regulation 22(1) of the Companies Act

(Incorporated Cell Companies Carrying on Business of Insurance) Regulations shall, upon submission of an application to the competent authority for approval in accordance with regulation 22(4) 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 businessor 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.

(3) An incorporated cell company that has been granted approval in accordance with the Companies Act (Incorporated Cell

Companies Carrying on Business of Insurance) Regulations that intends to create a new incorporated cell shall, upon submission of an application to the competent authority for approval as required in accordance with the said regulation, 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 incorporated 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 incorporated 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 company that has been granted approval in accordance with the Companies Act (Incorporated 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 company as referred to in this sub-regulation in accordance with article 39(3) of the Act, the annual supervisory fee due by that 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 sub-regulation (4), an incorporated cell company as referred to in sub-regulation (3) that has been granted approval to create one (1) or more incorporated cells in accordance with the Companies Act (Incorporated 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 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 incorporated cell company as referred to in this sub-regulation with respect to an incorporated cell in accordance with article 39(3) of the Act, the annual supervisory fee due by that incorporated cell company with respect to such incorporated cell in accordance with this sub-regulation following the date referred to in the provisions of paragraph (a) of the said article shall be the minimum annual supervisory fee established in the Second Schedule, as applicable.

(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 company is granted approval in accordance with the Companies Act

(Incorporated 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 the provisions of 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 company is granted approval in accordance with the

Companies Act (Incorporated 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.