Bermuda Monetary Authority Amendment (No. 4) Act 2004
BERMUDA MONETARY AUTHORITY AMENDMENT (NO.4) ACT
2004 AMENDMENT BILL 2002
1
BERMUDA
2004 : 33
THE BERMUDA MONETARY AUTHORITY AMENDMENT (NO.4)
ACT 2004
Date of Assent: 17 December 2004
Operative Date: 1 January 2005
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 (No. 4) Act 2004.
Amendment of Fourth Schedule
2 The Fourth Schedule to the Bermuda Monetary Authority Act
1969 is amended in relation to fees payable by insurance companies as
follows —
(a) by repealing paragraph 2 and substituting the following
paragraph
"(2) Applying
(a) to vary or delete any conditions imposed
N16011
BERMUDA MONETARY AUTHORITY AMENDMENT BILL 2002
2
on the Certificate of Registration
under section 4(3) .................................. 200.00
(b) to register as a different class of insurer
under section 4(6) ................................... 200.00
(c) to register as a long-term insurer under
section 4(6) .............................................. 200.00
(d) to be granted an extension to the
filing deadline under section 17(4) ............ 350.00
(e) to be exempted from the record
keeping requirements of section
18C(2) .................................................... 200.00
(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 ................. 200.00
(g) to receive Bermuda Monetary Authority
approval for an insurer to reduce total
statutory capital by 15% or more under
section 31C .......................................... 200.00
(h) to be granted a direction under
section 56 ............................................. 200.00
(i) to be granted a direction under section 57A .... 1,250.00
(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" ..................................... 200.00
(k) to receive Bermuda Monetary Authority
approval of letters of credit,
guarantees and any other instruments
to be treated as other fixed capital ............. 200.00";
(b) by repealing paragraph 3(a) and substituting the following
paragraph
"(3) Registering as
(a) an insurer
BERMUDA MONETARY AUTHORITY AMENDMENT (NO.4) ACT
2004 AMENDMENT BILL 2002
3
(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 ............................................. 925.00
(iii) Class 2 insurer carrying on general
business .................................... 1,575.00
(iv) Class 3 insurer carrying on general
business ..................................... 7,500.00
(v) Class 4 insurer carrying on general
business ..................................... 55,000.00
(vi) Long-term insurer ....................... 7,500.00
(vii) Class 1 insurer carrying on both
general business and
long-term business .......................... 7,500.00
(viii) Class 2 insurer carrying on both
general business and
long-term business ........................ 7,500.00
(ix) Class 3 insurer carrying on both
general business and
long-term business ...................... 7,500.00
(x) Class 4 insurer carrying on both
general business and
long-term business ................ 55,000.00";
and
(c) by repealing paragraph 7(a) and substituting the following
paragraph
"(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
N16011
BERMUDA MONETARY AUTHORITY AMENDMENT BILL 2002
4
undertakings) .................................... 3,310.00
(ii) Class 1 insurer carrying on general
business ............................................. 925.00
(iii) Class 2 insurer carrying on general
business .................................... 1,575.00
(iv) Class 3 insurer carrying on general
business ..................................... 7,500.00
(v) Class 4 insurer carrying on general
business ..................................... 55,000.00
(vi) Long-term insurer ....................... 7,500.00
(vii) Class 1 insurer carrying on both
general business and
long-term business .......................... 7,500.00
(viii) Class 2 insurer carrying on both
general business and
long-term business .......................... 7,500.00
(ix) Class 3 insurer carrying on both
general business and
long-term business ...................... 7,500.00
(x) Class 4 insurer carrying on both
general business and
long-term business ................ 55,000.00.".
Commencement
3 (1) This Act comes into operation on 1 January 2005.
BERMUDA MONETARY AUTHORITY AMENDMENT (NO.4) ACT
2004 AMENDMENT BILL 2002
i
