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EN-5.3B.3B

Where an insurance firm must pay the annual CBB fixed fees for its appointed representatives under Paragraph AU-6.3.6A and has failed to meet the deadline of the 1st December of the prior year for which the fees are due, the financial penalty imposed for each day late will be:

(a) For incorporated appointed representatives that have 1 to 10 individuals, the financial penalty is BD 10 per day;
(b) For incorporated appointed representatives that have 11 to 20 individuals, the financial penalty is BD 15 per day;
(c) For incorporated appointed representatives that have more than 20 individuals, the financial penalty is BD 20 per day; and
(d) For individual appointed representatives, the financial penalty is BD 10 per day.
Added: October 2013