The Insurance (Fees) Regulations 1989

Explanatory Note

(This note is not part of the Regulations)

1.  These Regulations, which come into force on 1st April 1989, revoke the Insurance (Fees) Regulations 1988 and set out the fees to be paid to the Secretary of State by insurance companies when they deposit their accounts and other documents as required by section 22(1) of the Insurance Companies Act 1982 and by the Council of Lloyd’s when the statement in respect of Lloyd’s is deposited under section 86(1) of that Act. All the fees are being increased save those payable by insurance companies with premium income over £50,000 up to and including £250,000 where the fee remains unchanged at £250.

2.  The level of fee for an insurance company is fixed according to the amount of its gross premiums receivable in respect of its global business, aggregating the amounts for long-term and general business where both types of business are being carried on, for the financial year to which the annual accounts relate, subject, where the company is a member of a group, to a limit of £45,500 in respect of the whole group. The Regulations specify that no fee is payable where the company is in the process of being wound up, whether in the United Kingdom or another jurisdiction, or the company is precluded from effecting contracts of insurance in the United Kingdom at the date when the documents are deposited with the Secretary of State.

3.  The amount of gross premiums receivable in respect of general business is the amount required to be included in respect of an insurance company’s global general business in Column 1, line 11 of Form 11 in Schedule 1 to the Insurance Companies (Accounts and Statements) Regulations 1983 (S.I. 1983/1811), or where such amount is not required to be included, the amount which would otherwise have been required to be so included. The amount of gross premiums receivable in respect of long term business is the amount required to be included in respect of an insurance company’s global long term business in Column 1 of line 9 of Form 41 in Schedule 3 to those Regulations, or where such amount is not required to be included, the amount which would otherwise have been required to be so included.