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
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.
- 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.
- 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)
- The above fee structure is applicable with effect from 01st day of October 2020 and the fee is payable on financial year basis.
- The Annual fee for Financial year 2020-21 and 2021-22 shall be paid within one month of issuance of this Circular.
- The Annual fee and Turnover fee for Financial year 2020-21 shall be paid on prorata basis.