Insurance Business (Fees) (Amendment) Regulations, 2003

L.N. 215 of 2003

INSURANCE BUSINESS ACT

(CAP. 403)

Insurance Business (Fees) (Amendment) Regulations, 2003

IN exercise of the powers conferred by article 64 of the Insurance

Business Act, the Minister of Finance and Economic Affairs, after

consultation with the Malta Financial Services Authority, as the

competent authority appointed for the objectives of the Act, has made

the following regulations>

(1) The title of these regulations is the Insurance Business

(Fees) (Amendment) Regulations, 2003, and shall be read and construed

as one with the Insurance Business (Fees) Regulations, 1999, hereinafter

referred to as “the principal regulations” .

(2) These regulations shall come into force on the 1 st

January, 2004.

Paragraph (1) of regulation 2 of the principal regulations shall

be amended as follows>

(a) immediately after the definition of “the Act” there shall

be added the following new definition>

“ “the Authority” means the competent authority

appointed under article 3 of the Act<”< and

(b) the definition of “Centre” shall be deleted, and for the

word “Centre” wherever it appears in the principal regulations,

there shall be substituted the word “Authority”.

For paragraph (1) of regulation 5 of the principal regulations

there shall be substituted the following>-

“5. (1) Subject to paragraph (2) of this regulation,

when business of insurance statements are forwarded under

article 32 of the Act -

(a) in the case of a company carrying on business

of insurance, the company shall pay to the Authority the

fee specified in the second column of Table A of Part III

of the Schedule, according to the amount of its gross

premiums receivable for the calendar year to which the

statements forwarded relate<

(b) in the case of a company acting as an insurance

agent, the company shall pay to the Authority the fee

specified in the second column of Table B of Part III of

the Schedule, according to the amount of its gross

commissions receivable for the calendar year to which

the statements forwarded relate.”.

For paragraph 2 of Part II of the Schedule to the principal Amends Part II

ofthe Schedule to

regulations there shall be substituted the following>

the principal

regulations.

authorisation to act as an insurance manager

200 and

150 per

appointment”.

For Part III of the Schedule to the principal regulations there Amends Part III of

the Schedule to the

shall be substituted the following>

principal

regulations.

“Part III

Submission of business statements fees

Insurers’ business statements -

Second Column

Fee

Lm

Gross premiums receivable>

Up to and including Lm1,000,000

1,750

Over Lm1,000,000 up to and including Lm1,500,000

2,000

Over Lm1,500,000 up to and including Lm2,000,000

2,500

Over Lm2,000,000 up to and including Lm3,000,000

3,500

Over Lm3,000,000 up to and including Lm5,000,000

4,000

Over Lm5,000,000 up to an including Lm10,000,000

5,000

Over Lm 10,000,000

6,500

B

Table B

Insurance agents’ business statements -

First Column

Second Column

Fee

Lm

Gross commissions receivable>

Up to and including Lm100,000

Over Lm100,000 up to and including Lm200,000

Over Lm200,000 up to including Lm300,000

Over Lm300,000 up to and including Lm400,000

Over Lm400,000 up to and including Lm500,000

Over Lm500,000 up to and including Lm750,000

1,000

Over Lm750,000 up to including Lm1,000,000

1,250

Over Lm1,000,000

1,500”.

Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press