(2)[ The fee for renewal of registration under section 3-A of the Act for each class of insurance business for which the insurer is registered shall be--(a)in the case of an insurer not carrying on solely re-insurance, business, one--fourth of one per cent of the total gross premium written direct in India in that class of insurance business during the year preceding the year in which the application for renewal of registration is required to be made by insurer (the amount of fee so arrived at, if not an integral number of rupees, being rounded off to the next lower integral rupee), or five hundred rupees, whichever is greater;(b)in the case of an insurer carrying on solely re-insurance business one-fourth of one per cent of the total premiums in respect of facultative re-insurances accepted by the insurer in that class of insurance business during the year preceding the year in which the application for renewal of registration is required to be made (the amount of fees so arrived at, if not an integral number of rupees, being rounded off to the next lower integral rupee), or five hundred rupees, whichever is greater].
