Initial license fees

(1) The following fees shall be payable for the initial licensing of an insurance company, an association of underwriters, an insurance broker, an insurance agent, or an insurance sub-agent ( as the case may be), for the purpose of carrying on insurance business– (a) Fee for licensing of an insurance $5,000.00 company and association of underwriters (b) Fee for the licensing of an $2,500.00 (c) Fee for the licensing of an (corporate bodies or partnerships) $500.00 (d) Fee for the licensing of an $50.00 insurance agent (individual), and insurance sub-agent (2) Initial first year fees shall be payable on approval of the license and before commencement of business in the first year of the newly registered individual or corporate entity. 8