IT is hereby notified that the Minister of Finance and Economic Development has, in terms of section 33 of the Insurance and Pensions Commission Act [Chapter 24:21], made the following regulations:—
Title
1. These regulations may be cited as the Insurance and Pensions Commission (Levy) Regulations, 2021.
Interpretation
2. In these regulations:—
“gross written premium” means total premium before deduction of reinsurance premiums and fees payable to brokers or any other deduction whose recipient or benefi ciary shall be levied under this statutory instrument;
“levy” has the meaning given to it in terms of section 30(1) of the Act;
“Net Written Premium” means gross premium less reinsurance and fees payable to brokers or any other deduction whose recipient or benefi ciary shall be levied under this statutory instrument.
