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, 2022, Protected Cell Companies and Incorporated Cell Companies (Fees for Insurers) Regulations, 2022 and Protected Cell Companies and Incorporated Cell Companies (Fees payable to the Guernsey Financial Services Commission) (Amendment) Regulations, 2022, but for ease of reference a summary is shown in the table below.
Regulatory Fees with effect from 1 January 2023
APPLICATION FEES
| Type | Sub-type | Fee |
|---|---|---|
| Insurance Manager1 | £6,180 | |
| Insurers |
Life Insurer / Reinsurer (Category 1 / 2) |
£6,640 |
|
Commercial Insurer / Reinsurer (Category 3 / 4) |
£9,960 |
|
|
Captive Insurer / Reinsurer (Category 5) |
£6,640 |
|
|
Category 6 |
£6,640 |
|
| Protected Cell Company (PCC) Core |
Not writing insurance business |
£6,640 |
|
Life (Category 1 / 2) |
£6,640 |
|
|
Commercial insurance / reinsurance business (Category 3 / 4) |
£9,960 |
|
|
Captive insurance / reinsurance business (Category 5) |
£6,640 |
|
|
Category 6 |
£6,640 |
|
| Incorporated Cell Company (ICC) Core |
Not writing insurance business |
£6,640 |
|
Life (Category 1 / 2) |
£6,640 |
|
|
Commercial insurance / reinsurance business (Category 3 / 4) |
£9,960 |
|
|
Captive insurance / reinsurance business (Category 5) |
£6,640 |
|
|
Category 6 |
£6,640 |
|
| Cell of a PCC |
Life (Category 1 / 2) |
£2,170 |
|
Commercial insurance / reinsurance business (Category 3 / 4) |
£3,255 |
|
|
Captive insurance / reinsurance business (Category 5) |
£2,170 |
|
|
Category 6 - not SPI* |
£2,170 |
|
|
Category 6 - SPI* |
£1,000 |
|
| Cell of an ICC |
Life (Category 1 / 2) |
£2,170 |
|
Commercial insurance / reinsurance business (Category 3 / 4) |
£3,255 |
|
|
Captive insurance / reinsurance business (Category 5) |
£2,170 |
|
|
Category 6 - not SPI* |
£2,170 |
|
|
Category 6 - SPI* |
£1,000 |
|
| Domestic Insurer | £3,740 | |
| Mutual, Friendly, or Provident Society | £3,740 | |
| Intermediary - base fee |
£6,225 |
|
| Additional Category of Intermediary Licence |
General - Personal Lines |
£220 |
|
General - Commercial |
£430 |
|
|
Long Term - Life |
£430 |
|
|
Long Term - Regular Premium |
£660 |
|
|
Long Term - Single Premium (Insurance Element)2 |
£2,135 |
|
*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 |
|
|
Pure3 |
£5,865 |
|
|
Commercial |
£9,820 |
|
|
Society of Lloyd's4 |
£3,400 |
|
| Insurers |
Commercial Insurer / Reinsurer (Category 3 / 4) |
£9,960 |
|
Captive Insurer / Reinsurer (Category 5) |
£6,640 |
|
|
Category 6 |
£6,640 |
|
| Protected Cell Company (PCC) Core |
Not writing insurance business |
£6,640 |
|
Life (Category 1 / 2) |
£6,640 |
|
|
Commercial insurance / reinsurance business (Category 3 / 4) |
£9,960 |
|
|
Captive insurance / reinsurance business (Category 5) |
£6,640 |
|
|
Category 6 |
£6,640 |
|
| Incorporated Cell Company (ICC) Core |
Not writing insurance business |
£6,640 |
|
Life (Category 1 / 2) |
£6,640 |
|
|
Commercial insurance / reinsurance business (Category 3 / 4) |
£9,960 |
|
|
Captive insurance / reinsurance business (Category 5) |
£6,640 |
|
|
Category 6 |
£6,640 |
|
| Cell of a PCC |
Life (Category 1 / 2) |
£2,170 |
|
Commercial insurance / reinsurance business (Category 3 / 4) |
£3,255 |
|
|
Captive insurance / reinsurance business (Category 5) |
£2,170 |
|
|
Category 6 - not SPI* |
£2,170 |
|
|
Category 6 - SPI* |
£1,000 |
|
| Cell of an ICC |
Life (Category 1 / 2) |
£2,170 |
|
Commercial insurance / reinsurance business (Category 3 / 4) |
£3,255 |
|
|
Captive insurance / reinsurance business (Category 5) |
£2,170 |
|
|
Category 6 - not SPI* |
£2,170 |
|
|
Category 6 - SPI* |
£1,000 |
|
| Transformer Cell | See note5 | £1,000 |
| Dormant Cell | £175 | |
| Life Insurer (PCC and non cellular) (Category 1 / 2) |
Based on net policyholder liabilities6 |
|
|
Less than £1 |
£6,640 |
|
|
£1 - £999,999 |
£8,620 |
|
|
£1m - £9,999,999 |
£10,585 |
|
|
£10m - £99,999,999 |
£16,465 |
|
|
£100m - £499,999,999 |
£26,265 |
|
|
£500m - £1,999,999,999 |
£50,860 |
|
|
£2bn+ |
£99,715 |
|
| Domestic |
Based on gross premium income |
|
|
£0 - £11,999 |
£555 |
|
|
£12,000 - £4,999,999 |
£3,740 |
|
|
£5m+ |
£19,075 |
|
| Mutual, Provident, or Friendly Society |
Non-commercial |
£550 |
|
Commercial |
£3,740 |
|
| Intermediary - base fee |
£3,020 |
|
|
+ Intermediary - category of Intermediary Licence |
General - Personal Lines |
£220 |
|
General - Commercial |
£430 |
|
|
Long Term - Life |
£430 |
|
|
Long Term - Regular Premium |
£660 |
|
|
Long Term - Single Premium (insurance element)2 |
£2,135 |
|
|
Long Term - Single Premium (POI element)7 |
£1,320 |
|
| + Intermediary - turnover from Licensed Bailiwick activity |
£0 - £249,999 |
£2,131 |
|
£250,000 - £499,999 |
£3,230 |
|
|
£500,000 - £749,000 |
£4,270 |
|
|
£750,000 - £999,999 |
£5,350 |
|
|
£1m - £1,999,999 |
£6,420 |
|
|
£2m - £2,999,999 |
£7,500 |
|
|
£3m+ |
£8,565 |
|
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. £1,255
Amalgamation and Migration Out. £2,635
Reactivation of a dormant cell:
| Category | Reactivation cost |
|---|---|
|
Category 1 / 2 |
[£2,170 minus £175] pro-rata'd to the end of the year |
|
Category 3 / 4 |
[£3,255 minus £175] pro-rata'd to the end of the year |
| Category 5 | [£2,170 minus £175] pro-rata'd to the end of the year |
|
Category 6 (not SPI) |
[£2,170 minus £175] pro-rata'd to the end of the year |
Application for consent to a scheme for the transfer of long term business. £6,230
Notification of change of controller. £2,370
Variation of activities in respect of which an insurer is licensed. £1,345
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.
-
An application fee of £6,180 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 £3,395.
- Fee payable in respect of the Insurance Licence.
-
A fee of £9,820 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 £5,865. A fee of £9,820 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 £5,865
- A fee of £9,820 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 £3,400.
-
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.
-
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
£6,640
£1 - £9,999,999
£8,610
£10m - £499,999,999
£11,850
£500m+
£16,465
-
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."