Short-Term Insurance Act,1998 (Act No. 53 of 1998)Board NoticesInternal Model Application Process: Pre-Application Assessment Fees2. Fees |
| 2.1) | The following fees are payable in respect of a pre-application assessment: |
ITEM |
FEE (RAND) |
|
STANDARD REVIEW |
Basic |
800,000 |
Typical |
1,400,000 |
|
Complex |
2,600,000 |
|
EXTENDED REVIEW |
Between R400 000 and R1 400 000 |
|
INTENSIVE REVIEW |
Between R700 000 and R2 200 000 |
|
| 2.2) | The standard review fee is payable by an insurer that participates in the pre-application assessment. |
| 2.3) | The extended review or intensive review fee is payable by an insurer in addition to the standard review fee and in respect of each element of the full or partial model of the insurer that is subjected to an extended review or intensive review. |
| 2.4) | The exact fee payable in respect of an extended review or intensive review will be determined by the Authority taking into account the complexity of the element to be reviewed. |