Annual fees for registered insurance brokers
16.—(1)  A registered insurance broker shall pay to the Authority —
(a)if it is registered as a direct insurance broker, an annual fee of $7,000;
(b)if it is registered as a general reinsurance broker, an annual fee of $5,000; or
(c)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 registered insurance broker who is licensed under section 35ZG(1) of the Act shall pay to the Authority on or before 1st January of every year an annual fee of $5,000.
(4)  Payment of the fees under this regulation shall be made —
(a)through such electronic funds transfer system as the Authority may, from time to time, designate where payment may be effected by directing the transfer of funds electronically from the bank account of the payer to a bank account designated by the Authority; or
(b)in such other form or manner as the Authority may allow.