fee structure IFSC insurance offices

IFSCA circular dated 24th May, 2021 laying down the fee structure for insurance offices in International Financial Services Centre. Details as follows.

a) Application Fee: USD 1000 (USD One thousand only);
b) Registration Fee: One-time non-refundable fee of USD 5000 (USD Five
thousand only);
c) Annual Fee: USD 5000 (USD Five thousand only);
d) Turnover fee: USD 6,500 (USD Six thousand five hundred only) or onetwentieth of one percent of the total gross premium written by the IIO,
whichever is higher.

  1. Periodicity for payment of Annual Fee and Turnover fee:
    a) The applicable Annual Fee for every financial year shall be paid within 30 days from the beginning of the financial year; and
    b) The applicable Turnover Fee for every financial year shall be paid on or before 30th day of September of the succeeding financial year.
  2. Manner of payment of fee:
    The fee mentioned in this Circular shall be remitted to the following bank account of the Authority (as per details available in the circular)
  3. The above fee structure is applicable with effect from 01st day of October 2020 and the fee is payable on financial year basis.
  4. The Annual fee for Financial year 2020-21 and 2021-22 shall be paid within one month of issuance of this Circular.
  5. The Annual fee and Turnover fee for Financial year 2020-21 shall be paid on prorata basis.

https://ifsca.gov.in/Viewer/Index/177

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