Singapore legislation
Regulation 16
Regulation 16
Annual fees for registered insurance brokers
Subregulation 1
For the purposes of section 79(1) of the Act —
the prescribed annual fee for a direct insurance broker is $7,000;
the prescribed annual fee for a general reinsurance broker is $5,000; and
the prescribed annual fee for a life reinsurance broker is $2,500.
Subregulation 2
[Deleted by S 776/2022 wef 01/10/2022]
Subregulation 3
The prescribed annual fees mentioned in paragraph (1) must be paid to the Authority on or before the date specified by written notification sent by the Authority.
Subregulation 4
Payment of the fees under this regulation shall be made —
through such electronic funds transfer system as the Authority may, from time to time, designate where payment may be effected by directing the transfer of funds electronically from the bank account of the payer to a bank account designated by the Authority; or
in such other form or manner as the Authority may allow.