Full details of the fees payable under the Insurance Laws (and other legislation administered by the Commission) appear in The Financial Services Commission (Fees and Administrative Penalties) Regulations, 2025 but for ease of reference a summary is shown in the table below.
Regulatory Fees with effect from 1 January 2026
APPLICATION FEES
| Type | Sub-type | Fee |
|---|---|---|
| Insurance Manager | £7,190 | |
| Insurance Manager acting only for business underwritten by members of the Society of Lloyd's | £3,955 | |
| International Insurers |
Life Insurer / Reinsurer (Category 1 / 2) |
£7,725 |
|
Commercial Insurer / Reinsurer (Category 3 / 4) |
£11,580 |
|
|
Captive Insurer / Reinsurer (Category 5) |
£7,850 |
|
|
Category 6 |
£7,725 |
|
| Retail General Insurer (Company) | ||
| £15,585 | ||
| Protected Cell Company (PCC) Core |
Not writing insurance business |
£7,725 |
|
Life Insurer/ Reinsurer (Category 1 / 2) |
£7,725 |
|
|
Commercial Insurer/ Reinsurer (Category 3 / 4) |
£11,580 |
|
|
Captive Insurer/ Reinsurer (Category 5) |
£7,850 |
|
|
Category 6 Insurer/ Reinsurer |
£7,725 |
|
| Retail General Insurer (Company) | £15,585 | |
| Incorporated Cell Company (ICC) Core |
Not writing insurance business |
£7,725 |
|
Life Insurer/ Reinsurer (Category 1 / 2) |
£7,725 |
|
|
Commercial Insurer/ Reinsurer (Category 3 / 4) |
£11,580 |
|
|
Captive Insurer/ Reinsurer (Category 5) |
£7,850 |
|
|
Category 6 Insurer/ Reinsurer |
£7,725 |
|
| Retail General Insurer (Company) | £15,585 | |
| Cell of a PCC or ICC: |
Life Insurer/ Reinsurer (Category 1 / 2) |
£2,520 |
|
Commercial Insurer/ Reinsurer (Category 3 / 4) |
£3,785 |
|
|
Captive Insurer/ Reinsurer (Category 5) |
£2,520 |
|
|
Category 6 - not SPI* |
£2,520 |
|
|
Category 6 - SPI* |
£110 |
|
| Retail General Insurer (Cell) | ||
| £15,585 | ||
| Domestic Insurer | £4,350 | |
| Mutual, Friendly, or Provident Society | £4,350 | |
| Intermediary - base fee |
£7,235 |
|
| Additional Category of Intermediary Licence to existing licence |
General - Personal Lines |
£255 |
|
General - Commercial |
£505 |
|
|
Long Term - Life |
£505 |
|
|
Long Term - Regular Premium |
£765 |
|
|
Long Term - Single Premium (Insurance Element)1 |
£2,485 |
|
*SPI - Special Purpose Insurer as defined under The Insurance Business Rules 2021
ANNUAL FEES
| Type | Sub-type | Fee |
|---|---|---|
| Insurance Manager |
Dependent on the nature of the companies under management |
|
|
Pure2 |
£6,820 |
|
|
Commercial |
£11,425 |
|
|
Society of Lloyd's3 |
£3,955 |
|
| Active Life Insurer (ICC, PCC and Non-Cellular) (Category 1 / 2) |
Based on net policyholder liabilities |
|
|
Less than £1 |
£7,725 |
|
|
£1 - £999,999 |
£10,025 |
|
| £1m - £9,999,999 | ||
| £12,305 | ||
| £10m - £99,999,999 | ||
| £19,150 | ||
| £100m - £499,999,999 | ||
| £30,545 | ||
| £500m - £1,999,999,999 | ||
| £59,150 | ||
| £2bn+ | ||
| £115,970 | ||
| Life Insurer (ICC, PCC and Non-Cellular) (Category 1 / 2) closed to new business | Based on net policyholder liabilities | |
| Less than £1 | ||
| £7,725 | ||
| £1 to £9,999,999 | ||
| £10,010 | ||
| £10,000,000 to £499,999,999 | ||
| £13,780 | ||
| £500,000,000 or Greater | ||
| £19,150 | ||
| Non-Life International Insurer including PCC core or ICC: |
||
|
Commercial Insurer/ Reinsurer (Category 3 / 4) |
£11,580 |
|
|
Commercial Insurer / Reinsurer (Category 3 / 4) – No written premiums and no insurance liabilities |
£7,725 |
|
|
Captive Insurer/ Reinsurer (Category 5) |
£7,850 |
|
|
Category 6 |
£7,725 |
|
| Retail General Insurers (Company) | Based on gross written premium income | |
| £1 to £999,999 | ||
| £15,585 | ||
| £1,000,000 to £9,999,999 | ||
| £20,780 | ||
| £10,000,000 and more | ||
| £25,975 | ||
| Cell of a PCC |
Life Insurer/ Reinsurer (Category 1 / 2) |
£2,520 |
|
Commercial Insurer/ Reinsurer (Category 3 / 4) |
£3,785 |
|
|
Captive Insurer/ Reinsurer (Category 5) |
£2,520 |
|
|
Category 6 - not SPI* |
£2,520 |
|
|
Category 6 - SPI* |
£110 |
|
| Transformer Cell (See note4) | £110 | |
| Dormant Cell | £205 | |
| Life Policy Cell | £150 | |
| Cell of an ICC |
Life Insurer/ Reinsurer (Category 1 / 2) |
£2,520 |
|
Commercial Insurer/ Reinsurer (Category 3 / 4) |
£3,785 |
|
|
Captive Insurer/ Reinsurer (Category 5) |
£2,520 |
|
|
Category 6 - not SPI* |
£2,520 |
|
|
Category 6 - SPI* |
£110 |
|
| Retail General Insurers (Cell) | Based on gross written premium income | |
| £1 to £999,999 | ||
| £15,585 | ||
| £1,000,000 to £9,999,999 | ||
| £20,780 | ||
| £10,000,000 and more | ||
| £25,975 | ||
| Domestic |
Based on gross written premium income |
|
|
£0 - £11,999 |
£645 |
|
|
£12,000 - £4,999,999 |
£4,350 |
|
|
£5m+ |
£22,185 |
|
| Mutual, Provident, or Friendly Society |
Non-commercial |
£645 |
|
Commercial |
£4,350 |
|
| Intermediary - base fee |
£3,510 |
|
|
+ Intermediary - category of Intermediary Licence |
General - Personal Lines |
£255 |
|
General - Commercial |
£505 |
|
|
Long Term - Life |
£505 |
|
|
Long Term - Regular Premium |
£765 |
|
|
Long Term - Single Premium (insurance element)1 |
£2,485 |
|
|
Long Term - Single Premium (POI element)5 |
£1,540 |
|
| + Intermediary - turnover from Licensed Bailiwick activity |
£0 - £249,999 |
£2,485 |
|
£250,000 - £499,999 |
£3,755 |
|
|
£500,000 - £749,999 |
£4,965 |
|
|
£750,000 - £999,999 |
£6,220 |
|
|
£1m - £1,999,999 |
£7,465 |
|
|
£2m - £2,999,999 |
£8,730 |
|
|
£3m+ |
£9,965 |
|
OTHER FEES
Conversion:
- Non-cellular company to PCC, or vice versa including formation of first cell when business to be written in that cell is business previously written in the non-cellular company
- Non-cellular company to ICC
- Subsumption of incorporated cells and conversion to non-cellular company
- PCC cell into a non-cellular company
Individual conversion rates as listed above. £1,540
Amalgamation and Migration Out. £3,065
Reactivation of a dormant cell:
| Category | Reactivation cost |
|---|---|
|
Category 1 / 2 |
[£2,520 minus £205] pro-rata'd to the end of the year |
|
Category 3 / 4 |
[£3,785 minus £205] pro-rata'd to the end of the year |
| Category 5 | [£2,520 minus £205] pro-rata'd to the end of the year |
|
Category 6 (not SPI) |
[£2,520 minus £205] pro-rata'd to the end of the year |
Application for consent to a scheme for the transfer of long term business. £7,240
Change of General Representative: £600
Application for change of controller: £2,760
Variation of activities in respect of which an insurer is licensed. £1,565
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.
- Fee payable in respect of the Insurance Licence.
-
A fee of £11,425 will be due unless the insurance manager demonstrates to the Commission before the annual 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 £6,820. A fee of £11,425 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 £6,820.
- A fee of £11,425 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 £3,955.
-
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.
-
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."
Administrative Financial Penalties
LATE FILING PENALTIES
Where a licensee files a relevant document (such as its annual return and accounts) after its specified deadline date, a late filing penalty may apply. This will be calculated using the table below. Each subsequent month (or part of a month) that the relevant fee has not been paid will result in a further incremental penalty accruing.
| Late Filing Penalty | Penalty Increments |
|---|---|
| First Month | £125 |
| Second Month | £250 |
| Third Month | £375 |
| Each Subsequent Month | £375 |
LATE PAYMENT PENALTIES
Where a licensee pays its annual fee subsequent to its due date, a penalty may apply. For the annual fee levied each calendar year, the due date is 31 January. For pro-rated annual fees, this would be 30 days after the fee became payable. In both cases, the due date will be included on the invoice.
This will be calculated using the table below. Each subsequent month (or part of a month) that the relevant fee has not been paid will result in a further incremental penalty accruing.
| Late Payment Penalty | Penalty Increments |
|---|---|
| First Month | £125 |
| Second Month | £250 |
| Third Month | £375 |
| Each Subsequent Month | £375 |
INACCURATE FILING PENALTIES
Where a licensee has submitted a relevant document that is inaccurate, a penalty will be calculated as per the table below.
|
Penalty for filing of inaccurate relevant documents |
Error Identified by Firm | Error Identified by the Commission |
|---|---|---|
| On identification of the error and return of the submission for correction by the firm | £125 | £500 |
| Each subsequent month taken to correct the error | £125 | £500 |