Fees

Full details of the fees payable under the Insurance Laws (and other legislation administered by the Commission appear in the Financial Services Commission (Fees) Regulations, 2017 and Protected Cell Companies and Incorporated Cell Companies (Fees for Insurers) Regulations, 2017, but for ease of reference a summary is shown in the table below.

Regulatory Fees with effect from 1 January 2020

APPLICATION FEES

OTHER FEES

Conversion:

• Non-cellular company PCC or ICC, or vice versa
• Conversion from PCC to ICC including formation of first cell when business to be written in that cell is business previously written in the captive
• Subsumption of incorporated cells and conversion to non-cellular company
• PCC cell into a non-cellular company

Individual conversion rates as listed above.     £1,056 

Amalgamation and Migration Out.     £2,220

1. An application fee of £5,206 will be payable unless the applicant demonstrates to the Commission that he will act only for business underwritten by members of the Society of Lloyd's, then the fee will be £2,863.

2. Fee payable in respect of the Insurance Licence.

3. A fee of £8,274 will be due unless the insurance manager demonstrates to the Commission before the fee is due that each insurer for which he acts underwrites only the risks of the insurer's parent, subsidiaries of the insurer's parent, a joint venture where the risks underwritten by the insurer are limited to the equity interest held by the insurer's parent in that company or risks which are fully reinsured by the insured and the insurer's parent, where the parent is an insurance company, then the fee will be £4,943. A fee of £8,274 will be due unless the insurance manager demonstrates to the Commission before the fee is due that each insurer for which he acts is a mutual, provident or friendly society, then the fee will be £4,943.

4. A fee of £8,274 will be due unless the insurance manager demonstrates to the Commission before the fee is due that he acts only for business underwritten by members of the Society of Lloyd's:  then the fee will be £2,863.

5. For the avoidance of doubt, transformer cells are cells within a Protected Cell Company whose primary purpose is to enable transactions between the Capital and Insurance markets by converting contracts written on ISDA documentation into contracts written on traditional insurance documentation or vice versa. 

6. For a Life Insurer (PCC and non-cellular) closed to new business, the annual fees are:

   Based on net policyholder liabilities	Fee
   Less than £1	£5,596
   £1 - £9,999,999	£7,254
   £10m - £499,999,999	£9,740
   £500m+	£13,879

    

7. Fee payable where licensed under the POI Law for either or both of the restricted activities of promotion and advising, and no other restricted activities in respect of "Category 1: Collective Investment Schemes."