PART IV
MISCELLANEOUS
Risks excluded from section 23 (1) of Act
10.  The reference in section 23(1) of the Act to a contract of insurance shall not apply to insurance risks relating to maritime liabilities of ship owners as insured by Protection and Indemnity Clubs.
Annual fees for registered insurance brokers
11.—(1)  A registered insurance broker shall pay to the Authority —
(a)if it is registered as a direct general insurance broker, an annual fee of $7,000;
(b)if it is registered as a general reinsurance broker, an annual fee of $5,000;
(c)if it is registered as a direct life insurance broker, an annual fee of $5,000; or
(d)if it is registered as a life reinsurance broker, an annual fee of $2,500.
(2)  The annual fee payable by a registered insurance broker shall be paid to the Authority on or before 1st January of every year.
(3)  A direct general insurance broker who is licensed under section 8 of the Act shall pay to the Authority on or before 1st January of every year an annual fee of $5,000.