- 9 -
They prescribe the fees payable by authorised insurers upon authorisation and annually thereafter and fees payable by the public for inspection of the registers of authorised insurers and occupational retirement schemes, and for the issue of a copy or certified copy of any entry in the registers.
A Government spokesman said today (Wednesday) that on commencement of the Insurance Companies (Authorisation and Annual Fees) (Amendment) Regulation 1995, the authorisation or annual fee payable by an insurer carrying on either long- term insurance business or general insurance business is $135,000.
The authorisation or annual fee payable by an insurer carrying on both long- term insurance business and general insurance business is $270,000.
The spokesman explained that the increase was in line with Government policy to revise the level of fees to recover the costs of supervision carried out by the Office of the Commissioner of Insurance.
The Insurance Companies (Register of Insurers) (Prescribed Fees) (Amendment) Regulation 1995 and the Occupational Retirement Schemes (Fees) (Amendment) Rules 1995 revise the fees for inspection of the registers of authorised insurers and occupational retirement schemes, and for the issue of a copy or certified copy of any entry in the registers payable by the public.
The spokesman said the fees for inspection of the register of authorised insurers were last reviewed in 1988 and an increase was necessary to reflect the increase in cost since the last review.
"The fees for inspection of the register of occupational retirement schemes are similarly revised to bring them on par with those for inspection of the register of authorised insurers," he added.
End/Wednesday, February 15, 1995
Page 10Page 11
No comments yet.
Private notes are available after approval.