The Bermuda Monetary Authority (Regulatory Fees) Amendment Act 2011 (the "Act") was recently passed by the House of Parliament. Effective 1 January 2012, the Act reduces the registration fee for certain Class 3A insurers as per the schedule below. The Bermuda Monetary Authority has also advised that the annual business fee for certain Class 3A insurers will also be reduced in accordance with the following schedule.
|
Characteristics |
2012 fee |
2011 fee |
|
Gross premium written > $35 million |
$30,000 |
$30,000 |
|
Gross premium written > $20 million and < $35 million |
$26,000 |
$30,000 |
|
Gross premium written > $5 million and < $20 million |
$22,500 |
$30,000 |
|
Gross premium written < $5 million |
$19,000 |
$30,000 |
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
