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

Type

​Sub-type

Fee

Insurance Manager1£5,206
​​​Insurers

Life Insurer / Reinsurer (Category 1 / 2)

£5,596

Commercial Insurer / Reinsurer (Category 3 / 4)

£8,394

Captive Insurer / Reinsurer (Category 5)

£5,596

Category 6

£5,596

​​Protected Cell Company (PCC) Core

Not writing insurance business

£5,596

Life (Category 1 / 2)

£5,596

Commercial insurance / reinsurance business (Category 3 / 4)

£8,394

Captive insurance / reinsurance business (Category 5)

£5,596

Category 6

£5,596

​Incorporated Cell Company (ICC) Core

Not writing insurance business

£5,596

Life (Category 1 / 2)

£5,596

Commercial insurance / reinsurance business (Category 3 / 4)

£8,394

Captive insurance / reinsurance business (Category 5)

£5,596

Category 6

£5,596

Cell of a PCC

Life (Category 1 / 2)

£1,830

Commercial insurance / reinsurance business (Category 3 / 4)

£2,745

Captive insurance / reinsurance business (Category 5)

£1,830

Category 6 - not SPI*

£1,830

Category 6 - SPI*

£841

​Cell of an ICC

Life (Category 1 / 2)

£1,830

Commercial insurance / reinsurance business (Category 3 / 4)

£2,745

Captive insurance / reinsurance business (Category 5)

£1,830

Category 6 - not SPI*

£1,830

Category 6 - SPI*

£841

Domestic Insurer£3,152
Mutual, Friendly, or Provident Society£3,152
​Intermediary - base fee

£5,268

Additional Category of Intermediary Licence

General - Personal Lines

£187

General - Commercial

£366

Long Term - Life

£366

Long Term - Regular Premium

£555

Long Term - Single Premium (Insurance Element)2

£1,796

 

*SPI - Special Purpose Insurer as defined under The Insurance Business (Special Purpose Insurer) Rules 2016

ANNUAL FEES

Type

 Sub-type Fee
Insurance Manager

Dependent on the nature of the companies under management

 

Pure3

£4,943

Commercial

£8,274

Society of Lloyd's4

£2,863

Insurers

Commercial Insurer / Reinsurer (Category 3 / 4)

£8,394

Captive Insurer / Reinsurer (Category 5)

£5,596

Category 6

£5,596

Protected Cell Company (PCC) Core

Not writing insurance business

£5,596

Life (Category 1 / 2)

£5,596

Commercial insurance / reinsurance business (Category 3 / 4)

£8,394

Captive insurance / reinsurance business (Category 5)

£5,596

Category 6

£5,596

Incorporated Cell Company (ICC) Core

Not writing insurance business

£5,596

Life (Category 1 / 2)

£5,596

Commercial insurance / reinsurance business (Category 3 / 4)

£8,394

Captive insurance / reinsurance business (Category 5)

£5,596

Category 6

£5,596

Cell of a PCC

Life (Category 1 / 2)

£1,830

Commercial insurance / reinsurance business (Category 3 / 4)

£2,745

Captive insurance / reinsurance business (Category 5)

£1,830

Category 6 - not SPI*

£1,830

Category 6 - SPI*

£841

Cell of an ICC

Life (Category 1 / 2)

£1,830

Commercial insurance / reinsurance business (Category 3 / 4)

£2,745

Captive insurance / reinsurance business (Category 5)

£1,830

Category 6 - not SPI*

£1,830

Category 6 - SPI*

£841

Transformer CellSee note5£841
Dormant Cell£146
Life Insurer (PCC and non cellular) (Category 1 / 2)

Based on net policyholder liabilities6

 

Less than £1

£5,596

£1 - £999,999

£7,265

£1m - £9,999,999

£8,920

£10m - £99,999,999

£13,879

£100m - £499,999,999

£22,135

£500m - £1,999,999,999

£42,865

£2bn+

£84,045

Domestic

Based on gross premium income

 

£0 - £11,999

£467

£12,000 - £4,999,999

£3,152

£5m+

£16,073

Mutual, Provident, or Friendly Society

Non-commercial

£467

Commercial

£3,152

Intermediary - base fee

£2,543

+ Intermediary - category of Intermediary Licence

General - Personal Lines

£187

General - Commercial

£366

Long Term - Life

£366

Long Term - Regular Premium

£555

Long Term - Single Premium (insurance element)2

£1,796

Long Term - Single Premium (POI element)7

£1,100

+ Intermediary - turnover from Licensed Bailiwick activity

£0 - £249,999

£1,796

£250,000 - £499,999

£2,723

£500,000 - £749,000

£3,600

£750,000 - £999,999

£4,509

£1m - £1,999,999

£5,410

£2m - £2,999,999

£6,320

£3m+

£7,220

 
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

Reactivation of a dormant cell:
CategoryReactivation cost

Category 1 / 2

[£1,830 minus £146] pro-rata'd to the end of the year

Category 3 / 4

[£2,745 minus £146] pro-rata'd to the end of the year
Category 5[£1,830 minus £146] pro-rata'd to the end of the year

Category 6 (not SPI)

[£1,830 minus £146] pro-rata'd to the end of the year
 
Application for consent to a scheme for the transfer of long term business.     £5,253
 
 
Notification of change of controller of an insurance manager or insurance intermediary.     £2,000
 
NOTES 
All annual fees are due by 31st January each year for licences/ authorisations in effect on 1st January of that year.
 
Applicants will be invoiced for a pro-rata annual fee on licence issue in respect of the annual fee payable for the year in which the licence is granted.
 
  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."