S.L. 403.26 Art. 8Fees in relation to approved auditors. S.L. 403.09.   S.L. 403.09.      S.L. 403.09.

(1) A person that intends to act as an approved auditor in accordance with the Insurance Business (Approved

Auditor) Regulations shall, upon submission of an application to the competent authority for authorisation in accordance with regulation 5 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.

(2) A person that has been authorised under the Act to act as an approved auditor in accordance with the Insurance Business

(Approved Auditor) Regulations shall, subject to the provisions of sub-regulation (3), 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 approved auditor is granted authorisation in accordance with the said regulations and the date when the next annual supervisory fee is due in accordance with sub-regulation (3).

(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 approved auditor is granted authorisation in accordance with the Insurance Business (Approved Auditor) Regulations, and every annual supervisory fee following the first annual supervisory fee which is due in accordance with the said sub-regulation shall be paid to the competent authority on the 31st January of each calendar year.