Insurance (Approved Marine, Aviation and Transit Insurers) Regulations · 2004 Revised Edition · Part V · Miscellaneous
23. Annual fee
Feedback & supportLast amended by an amending law of 2020.
Every approved MAT insurer must pay to the Authority, on or before the date specified by written notification sent by the Authority, an annual fee of $20,000.
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.
The Authority may exempt wholly or in part any approved MAT insurer from the payment of annual fees specified in paragraph (1).
Subregulation 1
Every approved MAT insurer must pay to the Authority, on or before the date specified by written notification sent by the Authority, an annual fee of $20,000.
Subregulation 1A
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 2
The Authority may exempt wholly or in part any approved MAT insurer from the payment of annual fees specified in paragraph (1).