POLICIES OF INSURANCE (COMPOUNDING OF DUTY) REGULATIONS

POLICIES OF INSURANCE

(COMPOUNDING OF DUTY)

SUBSIDIARY LEGISLATION 364.02

POLICIES OF INSURANCE

(COMPOUNDING OF DUTY) REGULATIONS

4th June, 1982

LEGAL NOTICE 31 of 1982, as amended by Legal Notice 425 of 2007

and 68 of 2020.

The title of these regulations is the Policies of Insurance

(Compounding of Duty) Regulations.

(1) Subject to the provisions of these regulations, the

Commissioner may authorise that the payment of duty on policies

of insurance may be made by means of compounding.

(2) The total amount of duty paid in this manner shall never be

less than the total which would have been paid had the duty been

paid individually.

(3) Payment of the duty shall be made at such intervals as the

Commissioner may determine.

The Commissioner shall exercise such control as he

considers necessary in regard to the payment of the duty due on

policies of insurance, the keeping of proper records of such policies

and all other ancillary matters.

(1)

Any person who -

(a) fails to abide with any requirement of the

Commissioner issued pursuant to these regulations; or

(b) prevents or obstructs the Commissioner from

exercising such control as he may deem necessary for

the purposes of these regulations,

shall be liable to a penalty not exceeding one thousand and two

hundred euro (€1,200.00) and to interest at the rate as prescribed by

the Minister on any duty assessed by the Commissioner.

(2) The Commissioner may, at his discretion, remit or reduce

any penalty incurred under subregulation (1).