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Off-Shore Insurance Act 1981-82 - Off-Shore Insurance (Fees) Regulations 2006

COOK ISLANDS

OFF-SHORE INSURANCE (FEES) REGULATIONS 2006

Queen's Representative

ORDER IN EXECUTIVE COUNCIL

At Avarua, Rarotonga this 13th day of June 2006

Present:

HIS EXCELLENCY THE QUEEN'S REPRESENTATIVE
IN EXECUTIVE COUNCIL

PURSUANT to sections 5 (1)(b), 8, 15, 16 and 26 of the Off-Shore Insurance Act 1981-82, His Excellency the Queen's Representative, acting by and with the advice and consent of the Executive Council, hereby makes the following Regulations.

ANALYSIS

1. Title
2. Interpretation
3. Fees
4. Refund of fee
5. Asset backing
6. Revocation

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REGULATIONS

1. Title - These Regulations may be cited as the Off-Shore Insurance (Fees) Regulations 2006.

2. Interpretation - In these Regulations, unless the context otherwise requires, "the Act" means the Off-Shore Insurance Act 1981-82.

3. Fees - (1) The fee to accompany an application made pursuant to section 1) of the Act shall be upon the grant of a licence, US$3,000.00.

(2) The annual renewal fee payable pursuant to section 15(2) of the Act all be US$3,000.00.

4. Refund of fee - Where an application for a licence is rejected pursuant to the Act, the administration charge shall be 50% of the fee payable upon the grant of a licence.

5. Asset backing - The surplus of tangible assets over liabilities for the purpose of section 16 of the Act shall be US$100,000.00.

6. Revocation - The Off- Shore Insurance Regulations 1982 are hereby revoked.

Clerk of the Executive Council

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These Regulations are administered by the Financial Supervisory Commission