Insurance Fees Regulations Consultative Document
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1 Insurance Fees Regulations Consultative Document 1. Introduction The Insurance and Pensions Authority has drafted the Insurance Fees Regulations A copy of the draft Regulations is attached as appendix 2 to this document. The purpose of the proposed Regulations is to prescribe the annual fees charged to certain entities regulated under the Insurance Act 2008 with effect from April 2010 onwards. The Regulations also bring together the provisions that establish such fees into one document. 2. Background The Authority has, over recent years, reviewed the fees it charges to its licence holders on a threeyearly basis. The fees for authorised insurers and insurance business intermediaries were last set in April 2007, and accordingly are due to be updated in April The fees for PCCs were set when the PCC regulations were set in 2004 and have not been reviewed to date. Throughout the last decade the Authority has, in the main, increased fees at or below inflationary levels. However, in carrying out its latest review of such fees the Authority has had regard to the current economic climate and the need to maximise revenue where possible. Accordingly, it now proposes a range of fee increases that are somewhat above that inflationary level. In doing this the Authority has sought to continue to maintain an appropriate balance in meeting the costs of regulation between its licenceholders and Government. The increases are set out in detail in sections 3 and Annual Fees A comparison of current fees, and those proposed within the Insurance Fees Regulations 2010 is set out below. Current Proposed Last fee increase Annual Fee Authorised insurer - life 14,000 17, Authorised insurer - non-life 3,500 4, PCC life 12,500 17,500 - PCC non-life 3,250 4,250 - PCC cell life 12,500 17,500 - PCC cell non-life* ,250 - Insurance Fees Regulations Consultative Document
2 Permit holder (EU) 1,450 1, Permit holder (non-eu) 3,500 4, General Insurance Business Intermediary 550 1, Insurance Manager < 5 clients 2,000 2, clients 3,500 3, * - The fee for a non-life cell is calculated based on the level of premiums written by the cell. 4. Application Fee The one-off fees charged on application for authorisation / registration have remained static for many years. At present the cost to the Authority in considering an application often considerably outweighs the application fee charged. Hence, the following increases are proposed: Current Proposed Application Fee Authorised insurer life 1,500 3,500 Authorised insurer non-life 1,500 2,000 PCC 1,500 2,000 PCC Cell 750 1,000 Permit holder (EU) 0 0 Permit holder (non-eu) 0 2,000 Insurance Manager < 5 clients 2,000 2,000 5 clients 2,000 2, Comments and Timing The IPA invites comments on the draft Regulations by 22 nd January 2010, though earlier submission would be welcome. The Authority will seek to respond to any comments or questions as soon as is practicable following their receipt. Insurance Fees Regulations Consultative Document
3 6. Contact Any questions or correspondence on this should be addressed in the first instance to: Martin Elliott Manager Finance & Development Insurance and Pensions Authority HSBC House Ridgeway Street Douglas Isle of Man IM1 1ER Or by to Insurance Fees Regulations Consultative Document
4 Appendix 1 Summary of Main Provisions Regulation 1 Citation and commencement and interpretation - prescribes the title and operative date for the Regulations, and provides interpretation for certain terms used therein. Regulation 2 Application prescribes the persons for whom the Regulations have effect. Regulation 3 Authorised Insurers - prescribes the fees payable by authorised insurers other than those which are protected cell companies. Regulation 4 Protected Cell Companies - prescribes the fees payable by protected cell companies. Regulation 5 Permit Holders - prescribes the fees payable by Permit Holders. Regulation 6 Insurance Managers - prescribes the fees payable by Insurance Managers. Regulation 7 Insurance Intermediaries (General Business) - prescribes the fees payable by Insurance Intermediaries (General Business). Regulation 8 Revocation - prescribes that the existing fees regulations in respect of persons for whom the Regulations have effect will be revoked. Insurance Fees Regulations Consultative Document
5 Appendix 2 Statutory Document No. ###/10 INSURANCE ACT 2008 INSURANCE FEES REGULATIONS 2010 Laid before Tynwald 2010 Coming into operation April 2010 In exercise of the powers conferred on the Insurance and Pensions Authority by sections 47 and 50 of, and Schedule 7 to, the Insurance Act , and of all other enabling powers, and having consulted the Treasury, and such other organisations and persons as appear to it to be likely to be affected, the following Regulations are made: 1. Citation and commencement and interpretation (1) These Regulations may be cited as the Insurance Fees Regulations 2010 and shall come into operation on the ## April (2) In these Regulations the Act means the Insurance Act 2008; protected cell company, PCC and cell have the same meaning as in the Protected Cell Companies Act Application For the purposes of section 47 of the Act, these regulations prescribe fees in respect of each person who is (a) an insurer authorised under section 8 of the Act; (b) the holder of a permit issued under section 22 of the Act; (c) an insurance manager registered under section 25 of the Act; and (d) an insurance intermediary registered under section 25 of the Act. 3. Authorised Insurers (1) Paragraphs (2) and (3) apply only in respect of authorised insurers that are not protected cell companies c.16 Price: 50 pence - 1 -
6 (2) For an insurer which, in accordance with regulation 2 of the Insurance Regulations , is authorised to carry on insurance business within (a) classes 1 or 2 (i) the authorisation fee is 3,500; and (ii) the annual fee is 17,500; (b) any other class (i) the authorisation fee is 2,000, and (ii) the annual fee is 4,250. (3) The annual fee is payable on 6 April each year. 4. Protected Cell Companies (1) Paragraphs (2) to (6) apply only in respect of authorised insurers that are protected cell companies. (2) The authorisation fee (a) for a PCC, is 2,000; and (b) for a cell, is 1,000. (3) Subject to paragraphs (4) and (5), for an insurer which, in accordance with regulation 4 of the Insurance (Protected Cell Companies) Regulations , is authorised to carry on insurance business within (a) class 1 or 2, the annual fee (i) for the PCC is 17,500; and (ii) for each cell is 17,500; (b) any other class (i) for the PCC, the annual fee is 4,250; and (ii) for each cell, the annual fee is 0.2% of the net written premium of that cell, subject to a minimum of 500 and a maximum of 4,250 per cell per year. (4) Where a PCC has satisfied the Supervisor that a cell of that PCC is dormant, the annual fee in respect of that cell is 100. (5) The annual fee for a PCC as calculated under sub-paragraph (3) (b) (ii) and paragraph (4) shall be subject to a maximum in the aggregate of 25,000. (6) The annual fee is payable on 6 April each year. 5. Permit Holders (1) For a permit holder in respect of which (a) regulation 1(2) of the Insurance Regulations 1986 has effect (i) the issuance fee is 2,000; and (ii) the annual fee is 4,250; 2 3 GC 319/86 S.D. 149/04-2 -
7 (b) regulation 15(1) of the Insurance (Protected Cell Companies) Regulations 2004 has effect (i) the issuance fee is 2,000; and (ii) the annual fee shall be the same fee as is payable under regulation 4(3)(b), 4(4) and 4(5) in respect of a PCC which is authorised to carry on insurance business; and (c) neither regulation 1(2) of the Insurance Regulations 1986 nor regulation 15(1) of the Insurance (Protected Cell Companies) Regulations 2004 has effect, the annual fee is 1,450. (2) The annual fee is payable on 6 April each year. 6. Insurance Managers (1) The fee in respect of registration as an insurance manager in accordance with section 25 of the Act is 2,000. (2) The annual fee for a person who acts as an insurance manager for (a) five or more insurers is 3,000; and (b) less than five insurers is 1,750. (3) The annual fee is payable on 1 July each year. 7. Insurance Intermediaries (General Business) (1) The fee in respect of registration of an insurance intermediary, for a period of one year, is 1,000. (2) The renewal date for registration of an insurance intermediary is 1 June. 8. Revocation (1) Regulations 16, 18(2) and 19(2) of the Insurance Regulations 1986 are revoked. (2) Regulation 3 of the Insurance Intermediaries (General Business) Regulations is revoked. 5 (3) Regulation 2 of the Insurance (Amendment) (Fees) Regulations 2009 is revoked. (4) Regulation 2 of the Insurance (Amendment) (Fees) Regulations is revoked. (5) Regulation 2 of the Insurance Intermediaries (General Business) (Amendment) (Fees) Regulations is revoked SD 88/99 SD 73/09 SD 120/07 SD 121/07-3 -
8 Made 2010 Chairman, Insurance and Pensions Authority EXPLANATORY NOTE (This note is not part of the regulations) These regulations make changes to the fees charged under section 47 of the Insurance Act Specifically, the regulations make increases to the application and annual fees charged to certain entities regulated by the Insurance and Pensions Authority under the Insurance Act The regulations also have the effect of bringing together all application and annual fees charged under the Insurance Act such that they are prescribed within one - 4 -
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