4. Annual participation fee

A direct life insurer that participates in the web aggregator must pay an annual participation fee in respect of —

the operation of the web aggregator;

the development of the web aggregator;

the maintenance of the web aggregator; and

the usage by direct life insurers of the web aggregator.

The annual participation fee is calculated in accordance with the First Schedule.

The annual participation fee must be paid to the Authority —

after each calendar year that a direct life insurer participates in the web aggregator, and on or before the date specified in a written demand sent by the Authority to the direct life insurer; and

if a direct life insurer leaves the web aggregator, after it leaves the web aggregator, and on or before the date specified in a written demand sent by the Authority to the direct life insurer.

A direct life insurer that participates in the web aggregator must pay an annual participation fee in respect of —

the operation of the web aggregator;

the development of the web aggregator;

the maintenance of the web aggregator; and

the usage by direct life insurers of the web aggregator.

The annual participation fee is calculated in accordance with the First Schedule.

The annual participation fee must be paid to the Authority —

after each calendar year that a direct life insurer participates in the web aggregator, and on or before the date specified in a written demand sent by the Authority to the direct life insurer; and

if a direct life insurer leaves the web aggregator, after it leaves the web aggregator, and on or before the date specified in a written demand sent by the Authority to the direct life insurer.