Short-Term Insurance Act,1998 (Act No. 53 of 1998)Board NoticesInternal Model Application Process : Pre-Application Assessment Fees3. Payment of fees |
| 3.1) | The standard review fee is payable in two equal instalments. The first instalment is due on 10 June or 28 October, whichever date is the first date following the date on which the Authority notified the insurer that the undertaking qualifies to take part in the pre-application assessment. The second installment is due six months later. |
| 3.2) | The extended review fee or intensive review fee is payable within 60 days of the date on which the Authority notified the insurer that such a review is necessary. |
| 3.3) | The fees are payable to the Financial Services Board and payment may be by means of a cheque or a money transfer (in which case proof of the transfer must be provided). |
| 3.4) | The Financial Services Board, a public entity listed in Schedule 3A of the Public Finance Management Act No.1 of 1999, is not liable for value added tax and is not registered as a VAT vendor under the Value-Added Tax Act No. 89 of 1991. The amounts in this schedule therefore do not include VAT. |