In terms of RDI 15 of the Insurance Directives and RF 20 of Retirement Funds regulations, the following levies shall be payable to the Registrar of Insurance and Retirement Funds for the levy year beginning April 1, 2008.
The basis for calculating levies shall be the prior year audited financial statements of regulated entites and shall be calulated as follows:
- Short-term Insurer – 1.25% of the gross written premium less commission paid to intermediaries.
- Long-term Insurer – 0.07% of the insurer’s total assets.
- Retirement Funds – (excluding retirement annuities) – will pay 0.07% of the total assets.
- Brokers – 1.25% of the total commission received during the financial year.
- Agents – 1.25% of the total commission received during the financial year.
- Fund Administrators – 1.25% of fee income received during the year.
- Investment Managers – 1.25% of fee income derived from Insurance and Retirement Funds entities during the year.
The levy year starts 1 April and ends at March 31 of each year which corresponds with the financial year of RIRF.
All levies are payable within 30 days after invoice date.
Penalty: Interest will be charged at a rate equal to the prevailing prime rate of the Bank at which the Registrar’s bank account is held. The Registrar may also decline a license renewal should there be any outstanding levy at the date of the renewal.
Any entity registered during the prevailing levy year and to which this circular is applied will pay the prescribed full levy amount unless otherwise approved by the Registrar.