EN-5.3B.3
Past version: Effective from 01 Oct 2012 to 13 Oct 2013
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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 20 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 50 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 100 per day;
(d) For newly licensed insurance firms who have yet to provide audited financial statements, the financial penalty is BD 20 per day;
(e) For insurance brokers , insurance consultants , insurance managers , loss adjusters , actuaries and individual appointed representatives , the financial penalty is BD 10 per day;
(f) For incorporated appointed representatives that have 1 to 10 individuals, the financial penalty is BD 10 per day;
(g) For incorporated appointed representatives that have 11 to 20 individuals, the financial penalty is BD 15 per day; and
(h) For incorporated appointed representatives that have more than 20 individuals, the financial penalty is BD 20 per day.
Added: October 2012