Insurance (Applications and Fees) Regulations
Summary
Regulations prescribing the forms and fees for insurance licence applications and annual renewals, updated to include the 2025 fee increases for Class B insurers.
Sources
Insurance_(Applications_and_Fees)_Regulations, _2012.pdf, Insurance_(Applications_and_Fees)_(Amendment)_Regulations, _2025.pdf
Last Updated
2026-04-27
These regulations implement the licensing and fee provisions of the insurance-act-2010.
Application Process
Applicants for an insurance licence must submit a prescribed form to cima (Schedule 1) including:
- Evidence of incorporation and organizational structure.
- Personal questionnaires and references for directors, officers, and shareholders (>10%).
- A detailed three-year business plan including risk management strategies and financial projections.
- Evidence of adequate professional indemnity insurance.
- Confirmation of an approved insurance manager (for certain classes).
Fee Structure
Fees consist of a non-refundable application fee and an annual licence fee.
Annual Fees (Selected Classes - Updated 2025)
| Licence Class | Annual Fee (CI$) | Source |
|---|---|---|
| Class A | $75,000 | 2012 Regs |
| Class B(i) | $10,450 | 2025 Amendment |
| Class B(ii) | $11,550 | 2025 Amendment |
| Class B(iii) | $14,850 | 2025 Amendment |
| Class C | $5,000 | 2012 Regs |
| Class D | $84,000 | 2012 Regs |
| Insurance Manager | $15,000 | 2012 Regs |
| Insurance Broker | $15,000 | 2012 Regs |
Note: Class B fees were increased by the 2025 amendment from their previous levels ($9,500, $10,500, and $13,500 respectively).