Government Fees Amendment Regulations 1997

Link to law: http://www.bermudalaws.bm/Laws/Annual%20Laws/1997/Statutory%20Instruments/Government%20Fees%20Amendment%20Regulations%201997.pdf

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Government Fees Amendment Regulations 1997
Title 15
Laws of Bermuda Item 18(a)

1989 Revision 1

BERMUDA STATUTORY INSTRUMENT

BR 18/1997

GOVERNMENT FEES AMENDMENT REGULATIONS 1997

[made under section 2(1) of the Government Fees Act 1965 [title 15 item 18]
and brought into operation on 1 April 1997]

Citation
1 These Regulations may be cited as the Government Fees
Amendment Regulations 1997.

Amendment of Schedule to S.R. & O. 24/1976
2 The Schedule to the Government Fees Regulations 1976 is
amended by deleting Head 26 and substituting—

"Head 26
Insurance Act 1978

(1) Applying for registration as—

(a) an insurer under section 4(1) $121.00

(b) an insurance manager under section 10 $121.00

(c) an insurance broker under section 10 $121.00

(d) an insurance agent under section 10 $121.00

(e) an insurance salesman under section 10 $61.00

(2) Applying—

GOVERNMENT FEES AMENDMENT REGULATIONS 1997

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(a) to vary or delete any conditions imposed
on the Certificate of Registration under
section 4(3) $100.00

(aa) to register as a different class of insurer
under section 4(6) $100.00

(ab) to register as a long-term insurer under
section 4(6) $100.00

(b) to be granted an extension to the filing dead-
line under section 17(4) $150.00

(c) to be exempted from the record keeping
requirements of section 18C(1) $100.00

(d) to file an affidavit prior to the payment of
dividends exceeding 25% of a Class 4
insurer's statutory capital and surplus under
section 31B $100.00

(e) to receive ministerial approval for an insurer
to reduce total statutory capital by 15% or
more under section 31C $100.00

(f) to be granted a direction under section 56 $100.00

(g) to receive ministerial approval for an asset
not appearing on lines 1, 2, 3(a), 5(a), 9, 10,
11 and 12 as required by the Insurance
Accounts Regulations 1980, to be treated as
a "relevant asset" $100.00

(h) to receive ministerial approval of letters of
credit, guarantees and any other instruments
to be treated as other fixed capital $100.00

(3) Registering as—

(a) an insurer—

(i) non-resident insurance undertaking
under the Non-Resident Insurance
Undertakings Act 1967 (fees in sub-
paragraphs (ii) to (x) of paragraph
(a) of this item do not apply to
these undertakings) $3,000.00

(ii) Class 1 insurer carrying on general
business $1,500.00

Title 15
Laws of Bermuda Item 18(a)

1989 Revision 3

(iii) Class 2 insurer carrying on general
business $1,500.00

(iv) Class 3 insurer carrying on general
business $2,500.00

(v) Class 4 insurer carrying on general
business $15,000.00

(vi) Long-term insurer $2,500.00

(vii) Class 1 insurer carrying on both
general business and long-term
business $2,500.00

(viii) Class 2 insurer carrying on both
general and long-term business $2,500.00

(ix) Class 3 insurer carrying on both
general business and long-term
business $2,500.00

(x) Class 4 insurer carrying on both
general business and long-term
business $15,000.00

(b) an insurance manager under section 10 $1,155.00

(c) an insurance broker under section 10 $1,155.00

(d) an insurance agent under section 10 $1,155.00

(e) an insurance salesman under section 10 $61.00

(4) Issuing any certificate under section 14(1)(c) $61.00

(5) Inspecting the register under section 14(1)(d) $6.00

(6) The furnishing by the Registrar of any document
or copy of a document under section 14(1)(e)—

(a) for the first three pages or part thereof $4.00

(b) for each additional three pages or part thereof $4.00

GOVERNMENT FEES AMENDMENT REGULATIONS 1997

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(7) Annual fee under section 14(2) payable by—

(a) an insurer—

(i) non-resident insurance undertaking
under the Non-Resident Insurance
Undertakings Act 1967 (fees in sub-
paragraphs (ii) to (x) of paragraph (a)
of this item do not apply to these
undertakings) $3,000.00

(ii) Class 1 insurer carrying on general
business $800.00

(iii) Class 2 insurer carrying on general
business $800.00

(iv) Class 3 insurer carrying on general
business $2,500.00

(v) Class 4 insurer carrying on general
business $15,000.00

(vi) Long-term insurer $2,500.00

(vii) Class 1 insurer carrying on both
general business and long-term
business $2,500.00

(viii) Class 2 insurer carrying on both
general business and long-term
business $2,500.00

(ix) Class 3 insurer carrying on both
general business and long-term
business $2,500.00

(x) Class 4 insurer carrying on both
general business and long-term
business $15,000.00

(b) an insurance manager under section 10 $1,155.00

(c) an insurance broker under section 10 $1,155.00

(d) an insurance agent under section 10 $1,155.00

(e) an insurance salesman under section 10 $115.00."

Commencement and transitional
3 (1) Subject to paragraph (2), these Regulations commence on 1
April 1997 ("commencement day").

Title 15
Laws of Bermuda Item 18(a)

1989 Revision 5

(2) Nothing in these Regulations affects the validity or effect of
a fee that was paid—

(a) before commencement day; and

(b) in respect of a period that was still running on that day.

GOVERNMENT FEES AMENDMENT REGULATIONS 1997

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