Clause 12

by deleting the words “registered insurer and authorised reinsurer” in subsection (1) and substituting the words “licensed insurer”;

by deleting the words “registered insurers or authorised reinsurers” in subsection (2) and substituting the words “licensed insurers”;

by deleting subsection (3) and substituting the following subsection:“(3) The Authority may, where it considers appropriate in a particular case, waive, refund or remit the whole or any part of any annual fee paid or payable under subsection (1).”; and

by inserting, immediately after the word “fees” in the section heading, the words “of licensed insurers”.