Singapore legislation
Regulation 7
Regulation 7
Annual fees for approved insurance brokers
Subregulation 1
An approved insurance broker, if it is approved as a MAT insurance broker, general reinsurance broker or life reinsurance broker, shall pay to the Authority an annual fee of $3,000 for each type of approval.
Subregulation 2
The annual fee payable by an approved insurance broker shall be paid to the Authority on or before the date specified by written notification sent by the Authority.
Subregulation 2A
Payment of the annual fee mentioned in paragraph (1) must be made —
through an electronic funds transfer system, designated by written notification sent by the Authority, where payment may be made by directing the transfer of funds electronically from the bank account of the payer to a bank account notified by the Authority; or
in any other form or manner that the Authority allows.
Subregulation 3
The Authority may exempt wholly or in part any approved insurance broker from the payment of annual fees specified in paragraph (1).