S.L. 403.4 Art. 5Payment of annual supervisory fees.

(1) Subject to the provisions of sub-regulations (2) and (4), an authorised insurance undertaking and an authorised reinsurance undertaking carrying on business of insurance which is required to submit annual quantitative templates in accordance with Insurance Rules issued pursuant to article 32 of the Act, shall, upon submission of the annual quantitative templates, pay to the competent authority the annual supervisory fee established in Part III of the Schedule on the basis of the gross premiums written declared in the annual quantitative templates: Provided that, the first annual supervisory fee shall be due immediately once an authorisation is granted and shall be equal to a proportion of the minimum fee relating to the matter of that description specified in the Third Column of Part I of the Schedule. The first annual supervisory fee due shall be proportionate to the period remaining between the date of the granting of the authorisation and the date established for the submission of the annual quantitative templates in accordance with Insurance Rules issued pursuant to article 32 of the Act..

(2) This regulation does not apply -

(a) in the case of a captive insurance undertaking or captive reinsurance undertaking;

(b) in the case of an undertaking whose business is servicing solely and exclusively general business.

(3) For the purposes of this regulation and Part III of the Schedule, servicing, in relation to general business, is deemed to be effected on the first day immediately following the date of the first anniversary of the specified date shown in the permit to which the business serviced, or being serviced, relates.

(4) In the case of an undertaking whose business is servicing solely and exclusively long term business:

(a) where the gross premiums written by the undertaking in respect of that business for the previous calendar year falls below the amount of and including twenty-five thousand euro (€25,000), these regulations do not apply;

(b) where the gross premiums written by the undertaking in respect of that business for the previous calendar year exceed the amount of twenty-five thousand euro (€25,000), the fees under Part III of the Schedule shall apply.