(1) Every insurer shall pay to the Accountant General a licence fee for the transaction of insurance business as set out in Schedule 3 to this Act.
(2) Such licence fee shall be payable at registration and thereafter in the month of January in every year for the continuance of the registration of the insurer. In the event of the licence fee for the continuance of the registration of an insurer being paid after the last day of January, a sum equal to 10% of the licence fee shall be paid in addition to the relevant licence fee.
(3) A person who contravenes this section commits an offence and is liable on summary conviction to a fine not exceeding $5,000.
(4) Before the grant or renewal of a licence, the Registrar shall ensure that the insurer has complied with all the provisions of this Act.