Fees payable by licensed insurers for web aggregator
40.—(1)  Every licensed insurer must pay to the Authority such fees at such time and in such manner as may be prescribed for or in connection with all or any of the following:
(a)the operation of the web aggregator;
(b)the development of the web aggregator;
(c)the maintenance of the web aggregator;
(d)the usage by the licensed insurer, or a class of licensed insurers to which the licensed insurer belongs, of the web aggregator.
[19/2015]
(2)  Subject to subsection (3), the Authority may prescribe different fees for different licensed insurers or classes of licensed insurers in connection with all or any of the matters referred to in subsection (1)(a) to (d), and any fees so prescribed need not bear any relationship to the costs of the services provided by the Authority in relation to the web aggregator.
[19/2015]
(3)  The total fees payable by all the licensed insurers to the Authority under this section for any period of 12 months or a shorter period, must not exceed the costs incurred by the Authority in connection with all of the following in that period:
(a)the operation of the web aggregator;
(b)the development of the web aggregator;
(c)the maintenance of the web aggregator;
(d)the usage by all the licensed insurers of the web aggregator.
[19/2015]
(4)  The Authority may, where the Authority considers appropriate in a particular case, waive, refund or remit the whole or any part of any fee paid or payable under subsection (1).
[19/2015]
(5)  Where a licensed insurer fails to pay the prescribed fees by the prescribed time, the Authority may impose a late payment fee of a prescribed amount for every day or part of a day that the payment is late, and both fees are recoverable by the Authority as a judgment debt.
[33B
[19/2015]