Singapore legislation
Regulation 4
Regulation 4
Annual participation fee
Subregulation 1
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.
Subregulation 2
The annual participation fee is calculated in accordance with the First Schedule.
Subregulation 3
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.