26.—(1) Any relevant authorised person who has not paid the final Insurance Companies Act fee must, by or on his final day, pay to the Authority his relevant pre-commencement fee.
(2) By 26th April 2002—
(a)the Authority must inform the Treasury of the amount which it has received pursuant to paragraph (1) (“X”); and
(b)the Treasury must inform the Authority of the amount which they received before commencement as fees under the 2001 Fees Order (“Y”).
(3) On or before 31st December 2002—
(a)if two-thirds of X exceeds one third of Y, the Authority must pay the difference to the Treasury;
(b)if one third of Y exceeds two thirds of X, the Treasury must pay the difference to the Authority.
(4) Any sum received by the Treasury under paragraph (3) must be paid into the Consolidated Fund.
(5) In this article—
“the 2001 Fees Order” means the Insurance (Fees) Order 2001(1);
“final day”, in relation to any person, means the day by which that person would have been required to deposit documents with the Treasury under section 22(1) of the Insurance Companies Act, but for the repeal of that Act;
“relevant authorised person” means an authorised person who was, immediately before commencement, authorised under section 3 or 4 of the Insurance Companies Act but was not an EC company (as defined by that Act);
“relevant pre-commencement fee”, in relation to any person, means the amount which, had he deposited documents under section 22(1) of the Insurance Companies Act immediately before commencement, he would have been obliged to pay to the Treasury as a fee under the 2001 Fees Order.
(6) For the purposes of this article, a person has paid the final Insurance Companies Act fee if he has, before commencement, paid to the Treasury a fee under the 2001 Fees Order.
(7) This article applies notwithstanding any repeal of section 94A of the Insurance Companies Act or any revocation of the 2001 Fees Order.
S.I. 2001/812; made under section 94A of the 1982 Act.