Bermuda Monetary Authority Amendment Act 2002
BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2002

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BERMUDA
2002 : 39

BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2002

[Date of Assent: 30 December 2002]

[Operative Date: 30 December 2002]

ARRANGEMENT OF SECTIONS

1 Short title
2 Amendment of section 3
3 Insertion of Fourth Schedule
4 Insertion of section 20B
5 Amendment of section 21
6 Amendment of section 28
7 Consequential amendments

FIRST SCHEDULE
SECOND SCHEDULE

BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2002

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WHEREAS it is expedient to amend the Bermuda Monetary
Authority Act 1969.

Be it enacted by The Queen's Most Excellent Majesty, by and
with the advice and consent of the Senate and the House of Assembly of
Bermuda, and by the authority of the same, as follows:

Short title
1 This Act may be cited as the Bermuda Monetary Authority
Amendment Act 2002.

Amendment of section 3
2 Section 3(1) of the Bermuda Monetary Authority Act 1969 (in
this Act referred to as "the principal Act") is amended by inserting
immediately after paragraph (bb), the following new paragraph —

"(bc) to assist with the detection and prevention of financial
crime;".

Insertion of Fourth Schedule
3 The principal Act is amended by inserting the First Schedule to
this Act as the Fourth Schedule to the principal Act, immediately after
the Third Schedule to that Act.

Insertion of section 20B
4 The principal Act is amended by inserting the following section
immediately after section 20A 

"Fees
20B The fees prescribed in the Fourth Schedule, shall be paid
by certain financial institutions, in accordance with the
legislation specified in the various Heads in the Fourth Schedule,
to the Bermuda Monetary Authority.".

Amendment of section 21
5 Section 21 of the principal Act is amended by inserting the
following subsection immediately after subsection (1)

"(1A) The Minister may in writing, delegate to the Authority,
powers for the purpose of prevention and detection of financial
crime.".

Amendment of section 28
6 Section 28 of the principal Act is amended in subsection (1)

BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2002

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(a) by deleting the word "four" and substituting the word
"two"; and

(b) by deleting paragraph (b) and substituting the following
new paragraph

"(b) a copy of the annual statement of accounts of the
Authority certified by the auditor appointed under
section 27(1).".

Consequential amendments
7 The enactments specified in the Second Schedule to this Act are
amended in the manner indicated in that Schedule.

FIRST SCHEDULE (section 3)

"FOURTH SCHEDULE (section 20B)

Banks and Deposit Companies Act 1999 $
(1) Application for a licence pursuant to section 13(1)- 10,000.00
(2) Annual fee pursuant to section 16

(a) where an institution falls in band A ........ 12,500.00
(b) where an institution falls in band B ........ 75,000.00
(c) where an institution falls in band C ........ 155,000.00

(3) For the purposes of paragraph (2), an institution

falls
(a) in band A, if it has consolidated gross assets

not exceeding $100 million;
(b) in band B, if it has consolidated gross assets

exceeding $100 million but not exceeding $1 billion;
(c) In band C, if it has consolidated gross assets

exceeding $1 billion.
(4) In this paragraph "consolidated gross assets" does

not include assets included within the consolidated
financial statements of a subsidiary company of the
institution which is separately licensed under the Banks

and Deposit Companies Act 1999.

Bermuda Monetary Authority Act 1969
On applying for approval for classification of a scheme

BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2002

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under regulation 6 of the Bermuda Monetary Authority
(Collective Investment Scheme Classification) Regulations

1998, pursuant to section 29 of the Bermuda Monetary
Authority Act 1969 

(a) for classification as a Bermuda Institutional
Scheme ................................................. 220.00

(b) for classification as a Bermuda Standard
Scheme ................................................. 330.00

(c) for classification as a Bermuda Recognised
Scheme ................................................. 550.00

Insurance Act 1978
(1) Applying for registration as 

(a) an insurer under section 4(1) ................. 133.00
(b) an insurance manager, broker or agent

under section 10 ................................... 133.00
(c) an insurance salesman under section 10 ........ 67.00

(2) Applying

(a) to vary or delete any conditions imposed
on the Certificate of Registration
under section 4(3) .................................. 110.00

(b) to register as a different class of insurer
under section 4(6) ................................... 110.00

(c) to register as a long-term insurer under
section 4(6) .............................................. 110.00

(d) to be granted an extention to the
filing deadline under section 17(4) ............ 166.00

(e) to be exempted from the record
keeping requirements of section

18C(2) .................................................... 110.00
(f) 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 ................. 110.00

(g) to receive Bermuda Monetary Authority
approval for an insurer to reduce total

statutory capital by 15% or more under

BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2002

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section 31C .......................................... 110.00
(h) to be granted a direction under

section 56 ............................................. 110.00
(i) to be granted a direction under section 57A ..... 1,000.00
(j) to receive Bermuda Monetary Authority

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

"relevant assets" ..................................... 110.00
(k) to receive Bermuda Monetary Authority

approval of letters of credit,
guarantees and any other instruments
to be treated as other fixed capital ............. 110.00

(3) Registering as 

(a) an insurer 

(i) non-resident insurance undertaking
under the Non-Resident Insurance
Undertakings Act 1967 (fees in
paragraphs (a)(ii) to (x) of this item
do not apply to these
undertakings) .................................... 3,310.00

(ii) Class 1 insurer carrying on general
business ............................................. 880.00

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

(iv) Class 3 insurer carrying on general
business ..................................... 5,000.00

(v) Class 4 insurer carrying on general

business ..................................... 25,000.00
(vi) Long term insurer ....................... 5,000.00
(vii) Class 1 insurer carrying on both

general business and
long-term business .......................... 5,000.00

(viii) Class 2 insurer carrying on both
general business and
long-term business ........................ 5,000.00

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(ix) Class 3 insurer carrying on both
general business and

long-term business ...................... 5,000.00
(x) Class 4 insurer carrying on both

general business and
long-term business ....................... 25,000.00

(b) an insurance manager, broker or agent
under section 10 .................................... 1,275.00

(c) an insurance salesman under 10 ............ 127.00
(4) Issuing any certificate under section 14(1)(c) 67.00
(5) Inspecting the register under section 14(1)(d) 8.00
(6) The furnishing by the Supervisor of any

document under document or copy of a
document under section 14(1)(e):-

(a) for the first three pages
or part thereof .................................... 5.50

(b) for each additional three pages or part
thereof .............................................. 5.50

(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
paragraphs (a)(ii) to (x) of this item

do not apply to these undertakings)..............3,310.00
(ii) Class 1 insurer carrying on general

business ............................................. 880.00
(iii) Class 2 insurer carrying on general

business .................................... 1,500.00
(iv) Class 3 insurer carrying on general

business ..................................... 5,000.00
(v) Class 4 insurer carrying on general

business ..................................... 25,000.00
(vi) Long-term insurer ...................... 5,000.00
(vii) Class 1 insurer carrying on both

general business and

long-term business .......................... 5,000.00

BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2002

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

business ........................................... 5,000.00
(ix) Class 3 insurer carrying on both

general business and
long-term business ...................... 5,000.00

(x) Class 4 insurer carrying on both
general business and
long-term business ....................... 25,000.00

(b) an insurance manager, broker or agent
under section 10 .................................... 1,275.00

(c) an insurance salesman under section 10 ......... 127.00

Investment Business Act 1998
(1) Applying for a licence under section 6 ............ 1,000.00
(2) Annual fee pursuant to section 10 ........... 1,250.00

Trusts (Regulation of Trust Business) Act 2001
(1) Applying for a licence under section

11(6)(d) where the application is in respect of
(a) a limited trust licence ................... 500.00
(b) an unlimited trust licence ............. 5,000.00

(2) Annual fee for granting licence under section 14(1) 
(a) for a limited trust licence ......................... 1,000.00

(b) for an unlimited trust licence .................. 10,000.00".

SECOND SCHEDULE (section 7)

Enactments Amendments

Banks and Deposit Companies
Act 1999

In sections 13(1), 15(4) and 16(1),
delete the words "Government
Fees Act 1965" and substitute the
following words

"Bermuda Monetary Authority
Act 1969".

In section 16, delete subsection
(4).

BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2002

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Trusts (Regulation of Trust
Business) Act 2001

In sections 11(6)(d), 13(3) and
14(1), delete the words
"Government Fees Act 1965" and
substitute the following words—

"Bermuda Monetary Authority
Act 1969".

In section 14, delete subsection
(2).

Investment Business Act 1998 In sections 6(2), 9(4) and 10(1),
delete the words "Government
Fees Act 1965" and substitute the
following words—

"Bermuda Monetary Authority
Act 1969".

In section 10, delete subsection
(2).

Insurance Act 1978 In sections 14(1) and (2), and
57A(2), delete the words
"Government Fees Act 1965" and
substitute the following words—

"Bermuda Monetary Authority
Act 1969".

In section 14, delete subsection
(4).

Government Fees Regulations
1976

In the Schedule, delete the
following Heads and their
contents—

Head 3 - Banks and Deposit
Companies Act 1999;

Head 6 - Bermuda Monetary
Authority Act 1969;

Head 31 - Insurance Act 1978;

Head 32 - Investment Business
Act 1998;

Head 65 - Trusts (Regulation of
Trust Business) Act 2001.

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