S.L. 403.4 Art. 8Fees payable by cell companies.

(1) Where an application is made by a company which will, when formed or constituted, be authorised or, when converted, is an insurance or reinsurance undertaking authorised under article 7 of the Act, or where an application is submitted by the cell company for the creation of a new cell to carry on business of insurance pursuant to the Companies Act (Cell Companies Carrying on

Business of Insurance) Regulations, the applicant shall pay to the competent authority -

(a) upon submission of the application to carry on business of insurance as a cell company, irrespective of whether the application is eventually accepted or refused, the fee relating to the matter of the description to which the application relates specified in the Second Column of the respective Group of Part I of the Schedule;

(b) upon submission of the application for the creation of a cell, irrespective of whether the application is eventually accepted or refused, the fee relating to the matter of the description to which the application relates specified in the Second Column of the respective Group of Part I of the Schedule.

(2) When the annual quantitative templates are forwarded by the cell company in accordance with Insurance Rules issued under article 32 of the Act, there shall be paid by the said cell company to the competent authority the annual supervisory fee in the following manner:

(a) if the cell company does not issue insurance contracts from the non-cellular section of the cell company, the fee specified in the Second Column of Part II of the Schedule and, in addition, where such company carries on business of insurance through its cells, for each cell:

(i) where the cell carries on business of insurance, other than business of affiliated insurance, the fee specified in the Second Column of Part III of the Schedule;

(ii) where the cell carries on exclusively business of affiliated insurance, fee specified in the Second Column of Part II of the Schedule; and

(b) if the cell company issues insurance contracts from the non-cellular section of the cell company, the fee specified in the Second Column of Part III of the Schedule, and in addition, where such company carries on business of insurance through its cells, for each cell:

(i) where the cell carries on business of insurance, other than business of affiliated insurance, the fee specified in the Second Column of Part III of the Schedule;

(ii) where the cell carries on exclusively business of affiliated insurance, fee specified in the Second Column of Part II of the Schedule:

Provided that, in each case, the first annual supervisory fee as set out in this sub-regulation shall be due immediately once an authorisation is granted and shall be equal to a proportion of the fee established under the Second Column of Part II of the Schedule, or the minimum fee under Part III of the Schedule, as the case may be. 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.

(3) For the purposes of sub-regulation (2), "business of affiliated insurance" shall have the same meaning as is assigned to it by regulation 15 of the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations.