Each International Insurance Company shall pay to the SAM a nonrefundable application fee for examining, investigating, and processing its application for licensure, and the Commissioner is authorized to retain legal, financial, and examination services, the reasonable cost of which may be charged against the applicant. Such examination need not include an actuarial review if an independent actuary certification has been presented with the application, unless the SAM has reasonable cause to require further actuarial certification. In addition, the International Insurance Company shall pay an annual license fee commencing with the year of registration, such fee being first payable in full within thirty days of the date on which the license commences, and on or before January 30th of each calendar year that such license remains in effect. Upon request, pro rata annual license fees will be given consideration by the SAM for all applications for licenses issued during the last quarter of the calendar year. The nonrefundable application fee shall be a minimum of Five Thousand Dollars ($5,000.00) and the annual license fee shall be a minimum of Five Thousand Dollars ($5,000.00) and such annual fee shall be due upon issuance of the initial license and annually thereafter. Such fees may be altered or amended from time to time in the discretion of the SAM by regulations promulgated by the SAM.