Annual fees for insurers
32.—(1)  A registered insurer, other than a reinsurer or captive insurer, shall pay to the Authority the following fees on or before 1st January of each year:
(a)for carrying on life business or general business, a fee of $30,000 in 1993, $40,000 in 1994 and $50,000 thereafter; or
(b)for carrying on both life business and general business; a fee of $60,000 in 1993, $80,000 in 1994 and $100,000 thereafter.
(2)  A reinsurer shall pay to the Authority the following fees on or before 1st January of each year:
(a)for carrying on life business, a fee of $20,000;
(b)for carrying on general business, a fee of $20,000 in 1993, $25,000 in 1994 and $30,000 thereafter; or
(c)for carrying on both life business and general business, a fee of $40,000 in 1993, $45,000 in 1994 and $50,000 thereafter.
(3)  A captive insurer shall pay to the Authority on or before 1st January of each year a fee of $5,000.