Short-Term Insurance Act, 1998 (Act No. 53 of 1998)Prescribed short-term insurance fees |
Board Notice 54 of 2010
Financial Services Board
I, Dube Phineas Tshidi, Authority of Short-term Insurance, hereby under sections 3(2)(b)(i) and 3(4) of the Short-term Insurance Act, 1998 (Act No. 53 of 1998), prescribe the fees set out in the Schedule. Notice 104 of 2005, published in the Gazette on 21 October 2005 will be repealed with effect from 1 May 2010. This Notice will come into operation on 1 May 2010.
DP TSHIDI,
Authority of Short-term Insurance
Prescribed Short-term Insurance Fees
(Sections 3(2)(b)(i) and 3(4) of the Short-term Insurance Act, 1998)
Definitions
| 1) | In this Schedule, unless the context otherwise indicates: |
"Act" means the Short-term Insurance Act, 1998 (Act No. 53 of 1998),
"regulations" means the Regulations made under the Act,
"schedule" means a Schedule of the Act,
"section" means a section of the Act,
and any word or expression to which a meaning has been assigned in the Act has the meaning so assigned to it.
| 2) | The fees in the Table apply in respect of each section or schedule in, or regulation under, the Act and item indicated opposite thereto. |
TABLE
SECTION OR SCHEDULE IN, OR REGULATION UNDER, THE ACT |
ITEM |
FEES
|
|
Rand
|
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a |
Section 3(4) |
Document search by the Authority for purposes of inspection thereof, or furnishing of copies or for the search, per insurer, for documents in respect of a particular financial year, relating to the last ten preceding financial years, for the purposes of inspection thereof or furnishing of copies |
48.00 |
b |
Section 3(4) |
Furnishing of a photostatic copy of a return contemplated in section 35, excluding those returns to be submitted in terms of the Companies Act, 1973 |
225.00 |
c |
Section 3(4) |
Furnishing of a return contemplated in section 35, in electronic format, for a particular financial year, excluding those returns to be submitted in terms of the Companies Act, 1973 |
194.00 |
d |
Section 3(4) |
Furnishing of a copy of, or extract from, any document per sheet thereof |
4.00 |
e |
Section 3(5) |
Certification of a document |
229.00 |
f |
Section 4(1) |
Application for extension of time |
859.00 |
g |
Section 4(7)(b) |
Application for the determination that a policy or policies shall form part of a different class of policies |
6,141.00 |
h |
Section 5 |
A copy of the Annual Report of the Authority of Short-term Insurance. in Printed or electronic format |
108.00 |
i |
Section 8(1)(a) |
Application for approval of the use of the words "insure", "assure", "underwrite" or any derivative thereof in the name or description of a business or an undertaking |
229.00 |
j |
Section 8(2)(d) |
Application for approval to render services in relation to a short-term policy |
689.00 |
k |
Section 9(1) |
excluding an application which is referred to in section 67(2) |
20,888.00 |
l |
Section 9(2)(b) |
Registration as a short-term insurer, excluding the registration of an existing insurer referred to in section 67(3) |
14,892.00 |
m |
Section 11(1)(a) |
Application for variation of conditions of registration, excluding those variations referred to in sections 12 and 13 |
9,416.00 |
n |
Section 17(a) |
Application for approval of a change in the financial year of a short-term insurer |
1,004.00 |
o |
Section 17(b) |
Application for approval of a change of name, or a translation, shortened form or derivative thereof, of a short-term insurer |
1,075.00 |
p |
Any one of sections 19 and 57(5)(a) |
Application for any one approval of an auditor |
2,042.00 |
q |
Any one of sections 19A(4) and 57(5)(b) |
Application for approval of any one of the statutory actuary and alternate statutory actuary |
2,441.00 |
r |
Section 22(4))
|
Application for approval concerning the appointment or composition of an audit committee |
1,583.00 |
s |
Any one of section 23(a)(i), (ii), (iii), (iv), (v), (vi), (vii) and (viii) |
Application for approval |
3,602.00 |
t |
Section 23(a)(ix) |
Application for approval to allow a subsidiary of a short-term insurer to acquire directly or indirectly shares in that short-term insurer |
3,892.00 |
u |
Section 24( 1 ) |
Application for approval to allot or issue any of the shares of a short-term insurer to, or register any of the shares of a short-term insurer in the name of, a person other than the intended beneficial shareholder, or to register transfer of any of the shares of a short-term insurer to a person other than the intended beneficial shareholder |
1 583.00 |
v |
Section 25 |
Application for approval to acquire or hold shares or any other interest in a short-term insurer |
3 613.00 |
w |
Any one of section 30(2) and paragraph 6(3) of schedule 3 |
Application for approval of an increase of a percentage specified by regulation |
2,236.00 |
x |
Section 31(b) |
Application to hold documentary evidence of title to art asset outside the Republic |
1,148.00 |
y |
Any one of section 33(1)(a),(c),(d) and (e) |
Application for approval |
3,892.00 |
z |
Section 33(1)(b) |
Application for approval of a person to hold assets on behalf of a short-term insurer |
6,802.00 |
aa |
Section 36(2)
|
Application for approval of an arrangement for the transfer of short-term insurance business |
4,157.00 |
ab |
Section 37 |
Application for approval of compromise, arrangement, amalgamation or transfer of business |
27,620.00 |
ac |
Section 42(a) |
Application for a declaration in connection with the voluntary winding-up of a short-term insurer |
13,212.00 |
ad |
Section 57(2) and (3) |
Application for approval of any one of the Lloyd's representative and the deputy representative |
1,004.00 |
ae |
Paragraph 2(b)(i) of schedule 1 |
Application for approval of the relevant criteria for a counterparty to an over-the-counter instrument |
3,155.00 |
af |
Paragraph 2(b)(iii)of schedule 1 |
Application for approval of any other financial market in the Republic on which any other derivative instrument is traded |
3,155.00 |
ag |
Item 20(c) of the Table to schedule 1 |
Application for approval of a body corporate which is not incorporated and registered in the Republic |
3,155.00 |
ah |
Paragraph 4.1.3 of the Notice on the Prescribed requirements for the calculation of the value of the assets, liabilities and capital adequacy requirement of shor term insurers, 2010, which Notice has been prescribed in terms of paragraph 2 of schedule 2 |
Application for approval of a method which is different to the prescribed method in determining the amount of the unearned premium provision |
3,965.00 |
ai |
Paragraph 4.3.1 of the Notice on the Prescribed requirements for the calculation of the value of the assets, liabilities and capital adequacy requirement of short term insurers, 2010, which Notice has been prescribed in terms of paragraph 2 of schedule 2 |
Application for approval to use a percentage or method which is different to the prescribed percentage or method in calculating the amount of the claims incurred but not reported reserve |
3,965.00 |
aj |
Paragraph 4.4.2 of the Notice on the Prescribed requirements for the calculation of the value of the assets, liabilities and capital adequacy requirement of short term insurers, 2010, which Notice has been prescribed in terms of paragraph 2 of schedule 2 |
Application for approval to use an amount, which is lesser than the minimum amount, for a period not exceeding three years in calculating the amount of the contingency reserve |
3,965.00 |
ak |
Any one of paragraphs 5.2.1 or 5.2.2 of the Notice on the Prescribed requirements for the calculation of the value of the assets, liabilities and capital adequacy requirement of short term insurers, 2010, which Notice has been prescribed in terms of paragraph 2 of schedule 2 |
Application for approval of a smaller amount |
2,889.00 |
al |
Paragraph 6 of the Notice on the Prescribed requirements for the calculation of the value of the assets, liabilities and capital adequacy requirement of short term insurers, 2010, which Notice has been prescribed in terms of paragraph 2 of schedule 2 |
Application for relaxation of a provision other than an application for approval contemplated in subparagraphs (ah)to (ak) above |
6,806.00 |
am |
Paragraph 7(2) of schedule 2 |
Application for approval for the valuation of any liability i.r.o. a creditor who has waived any right to have the obligation discharged until all obligations to other creditors have been discharged in full |
3,214.00 |
an |
- |
Application for the special performance by the Authority of any other act, authorised by the Act, than an act contemplated in any other subparagraph above |
A fee determined by the Authority in every individual case after consultation with the applicant, being a minimum of 500.00 and a maximum of 25,000.00 |
| 3) | The payment of a fee referred to in this Schedule by a person to the Financial Services Board may be in cash or by means of a cheque or a money transfer (in which case proof of the transfer must be provided). |
| 4) | The Financial Services Board is listed in Part A - National Public Entities - of Schedule 3 – Other Public Entities - in the Public Finance Management Act, 1999. Public entities generally are not liable to register for value added tax (VAT). The Financial Services Board is not registered as a VAT vendor under the Value-Added Tax Act, 1991. The amounts in this schedule therefore do not include VAT. |