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(1) A person who holds an insurance licence or an insurance intermediary’s licence during a financial year, shall pay levy towards the expenses of the Commission in that financial year calculated by the Commission in consultation with the licensees.

(2) The total amount of levies imposed on licensees by the Commission under this section in a particular year shall not fall below the income of the Commission from levies during the preceeding year with an increase to accommodate the rate of inflation in a particular year.

(3) The rate of inflation in subsection (2) shall be the official rate of inflation.

(4) The Commission shall provide in writing

(a) the formula for calculating the levy,

(b) the time and method of payment, including installments payments,

(c) the payment of interest on moneys over-due, and

(d) penalties for non-payment.