S.L. 487.9 Art. 7Supervision fees in relation to tied insurance intermediaries and ancillary insurance intermediaries. 

(1) A person enrolled in accordance with article 37

of the Act to act as a tied insurance intermediary 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, which annual supervisory fee shall vary depending on whether such person carries on long term business of insurance or general business of insurance, or both such types of business of insurance:

Provided that where such person is a legal person, the annual supervisory fee due in accordance with this sub-regulation shall be the following:

(a) the fixed supervisory fee established in the Second Schedule, as applicable; and

(b) where applicable, the variable supervisory fee established in the Second Schedule, as applicable, with respect to every branch established by such legal person:

Provided further that the first annual supervisory fee due in accordance with this sub-regulation shall be prorated according to the period remaining between the date when a tied insurance intermediary is enrolled under the Act and the end of the calendar year in which such enrolment took place.

(2) A person enrolled in accordance with article 43E of the Act to act as an ancillary insurance intermediary 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 where such person is a legal person, the annual supervisory fee due in accordance with this sub-regulation shall be the following:

(a) the fixed supervisory fee established in the Second Schedule, as applicable; and

(b) where applicable, the variable supervisory fee established in the Second Schedule, as applicable, with respect to every branch established by such legal person:

Provided further that the first annual supervisory fee due in accordance with this sub-regulation shall be prorated according to the period remaining between the date when an ancillary insurance intermediary is enrolled under the Act 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-regulations (1) and (2) shall be paid to the competent authority on the date when a tied insurance intermediary or an ancillary insurance intermediary, as applicable, is enrolled under the relevant provisions of the Act, and every annual supervisory fee following the first 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.