Senate Regulations Committee Clears Technical Fix to Insurance Fee Schedule

The Senate Regulations Committee convened on July 9, 2026, for a short sitting focused on a technical correction to amendment regulations that Parliament passed in recent weeks.

Committee clerk Mr. Nash reported that Senator Keith Duncan was the only member unavoidably absent. Members approved the minutes of the previous meeting without change, on a motion from Senator Taris Finson and a second from Senator Tomlinson.

The main item before the panel concerned an error in the 20th schedule of the regulations, which sets out registration fees for various insurance categories. The words "accident insurance" had been repeated where the first reference should have read "motor vehicle insurance," with "accident insurance" correctly listed below it.

Representatives from the Financial Services Commission were present, including Mr. Basco and Lieutenant Colonel Burrell. Because the regulations are subject to negative resolution, the committee was not asked to approve them directly but to indicate whether members had any objections.

Senator Anderson said he did not object to correcting the error but asked how the industry had received the new fee structure now that invoices had been issued. Lieutenant Colonel Burrell replied that consultations with the sector remain ongoing.

The chairman welcomed the regulator's approach, noting that regulatory bodies should work with industry rather than act solely as punitive enforcers.

With no objections raised, the committee agreed to report back to the Senate at its next sitting. The chairman asked for a brief, one-page report on the matter.

The meeting was adjourned on a motion from Senator Taris Finson, seconded by Senator Anderson. No date was set for the committee's next gathering, as sittings are convened as needed when new regulations are tabled.