23.—(1) Every approved MAT insurer must pay to the Authority, on or before the date specified by written notification sent by the Authority, an annual fee of $20,000.
[S 1097/2020 wef 31/12/2020]
(1A) Payment of the annual fee mentioned in paragraph (1) must be made —
(a)
through an electronic funds transfer system, designated by written notification sent by the Authority, where payment may be made by directing the transfer of funds electronically from the bank account of the payer to a bank account notified by the Authority; or
(b)
in any other form or manner that the Authority allows.
[S 1097/2020 wef 31/12/2020]
(2) The Authority may exempt wholly or in part any approved MAT insurer from the payment of annual fees specified in paragraph (1).