EN-5.3B.3
Financial penalties related to late filing or other date sensitive requirements are calculated as per the following per diem basis:
(a) Where the insurance firm's gross premiums written are less than or equal to BD 10 million, the financial penalty for late filing is BD 40 per day;
(b) Where the insurance firm's gross premiums written are greater than BD 10 million but less than or equal to BD 30 million, the financial penalty for late filing is BD 100 per day;
(c) Where the insurance firm's gross premiums written are greater than BD 30 million, the financial penalty for late filing is BD 200 per day;
(d) For newly licensed insurance firms who have yet to provide audited financial statements, the financial penalty is BD 40 per day; and
(e) For insurance brokers , insurance consultants , insurance managers , loss adjusters and actuaries , the financial penalty is BD 20 per day.
Amended: April 2017
Amended: October 2013
Added: October 2012
Amended: October 2013
Added: October 2012