Bermuda Monetary Authority Amendment (No. 2) Act 2008
BERMUDA MONETARY AUTHORITY AMENDMENT (NO. 2) ACT
2008


BERMUDA

2008 : 46

BERMUDA MONETARY AUTHORITY AMENDMENT (NO. 2) ACT
2008

Date of Assent: 23 December 2008

Operative Date: 1 January 2009

ARRANGEMENT OF SECTIONS

1 Short title and
commencement

2 Interpretation
3 Fourth Schedule:

Banks and Deposit
Companies Act 1999
table of fees amended

4 Fourth Schedule:
Bermuda Monetary
Authority Act 1969
amendment of fees

5 Fourth Schedule:
Insurance Act 1978
table of fees amended

6 Fourth Schedule:
Investment Business

Act 2003 table of fees
amended

7 Fourth Schedule:
Investment Funds
Act 2006 table of fees
amended

8 Fourth Schedule:
Trusts (Regulation of
Trust Business) Act
2001 table of fees
amended

9 Insurance Act 1978
amended





WHEREAS it is expedient to make new provision for fees for
licensed financial institutions and intermediaries:


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BERMUDA MONETARY AUTHORITY AMENDMENT (NO. 2) ACT
2008


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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 and commencement
1 This Act may be cited as the Bermuda Monetary Authority
Amendment (No 2) Act 2008 and shall come into operation on 1 January
2009.

Interpretation
2 In this Act, the “principal Act” means the Bermuda Monetary
Authority Act 1969.

Fourth Schedule: Banks and Deposit Companies Act 1999 table of
fees amended
3 The Fourth Schedule to the principal Act is amended in the table
of annual fees under the heading “Bank and Deposit Companies Act
1999” as follows—

(a) in paragraph (2)(a) by deleting “$15,000.00” and
substituting “$16,500.00”;

(b) in paragraph (2)(b) by deleting “$100,000.00” and
substituting “$110,000.00”;

(c) in paragraph (2)(c) by deleting “$200,000.00” and
substituting “$220,000.00”.

Fourth Schedule: Bermuda Monetary Authority Act 1969
amendment of fees
4 The Fourth Schedule to the principal Act is amended under the
heading “Bermuda Monetary Authority Act 1969” by deleting “$1,500.00”
and substituting “$4,500.00”.

Fourth Schedule: Insurance Act 1978 table of fees amended
5 The Fourth Schedule to the principal Act is amended in the table
of fees under the heading “Insurance Act 1978” as follows —

(a) in paragraph (1)(a) by deleting “$140.00” and
substituting “$525.00”;

(b) in paragraph (1)(b) by deleting “$140.00” and
substituting “$300.00”;

(c) in paragraph (2)(b) by deleting “$210.00” and
substituting “$350.00”;

BERMUDA MONETARY AUTHORITY AMENDMENT (NO. 2) ACT
2008


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(d) by repealing paragraph (2)(c);

(e) in paragraph (2)(d) by deleting “$368.00” and
substituting “$525.00”;

(f) by adding the following subparagraph after
subparagraph (2)(e)—

“(ea) to notify new or increased shareholder control
under section 30D $210.00”;

(g) in paragraph (2)(g) by deleting “$210.00” and
substituting “$525.00”;

(h) in paragraph (2)(h) by adding at the end “other than
those mentioned in paragraph (ha)”;

(i) by inserting the following paragraph after paragraph
(2)(h)—

“(ha) to be granted a direction under section 56, in
respect of—

(i) exemption from requirement of section 18B to
include opinion of loss reserve specialist
opinion …………………….$350.00

(ii) modifying of accounting provisions under
sections 15 to 18 and regulations
………………………………..$525.00

(iii) modifying margin of solvency for general
business under section 33 and regulations
………………………………...$350.00

(iv) modifying statutory financial returns under
sections 15 to 18 and
regulations…………………$350.00”;

(j) in paragraph (2)(j) by deleting “$210.00” and
substituting “$525.00”;

(k) in paragraph (2)(k) by deleting “$210.00” and
substituting “$350.00”;

(l) by adding the following subparagraph after
subparagraph (2)(k)—

“(l) application for cancellation of registration under s
41(1)(a) ……………………………….…$350.00

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2008


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(m) application for approval of internal model made
under the provisions of an Order made under
section6A…………………………$50,000.00”;

(m) in paragraph (3)(a) by repealing subparagraph (a)(iva)
and substituting the following—

“(iva) Class 3A insurer carrying on general business
………………………………………$19,000.00”;

(n) in paragraph (3)(a) by repealing subparagraph (ivb) and
substituting the following—

“(ivb) Class 3B insurer carrying on general business
……………………………………………..$75,000.00”;

(o) in paragraph (3)(a) by inserting the following
subparagraphs after subparagraph (ix)—

“(ixa) Class 3A insurer carrying on both general business
and long term business …………………$19,000.00

(ixb) Class 3B insurer carrying on both general business
and long term
business……………………$75,000.00”;

(p) in paragraph (4) by deleting “$71.00” and substituting
“$525.00”;

(q) in paragraph (7)(a) by repealing subparagraph (iva) and
substituting the following—

“(iva) Class 3A insurer carrying on general business
…………………………………………………$19,000.00”;

(r) in paragraph (7)(a) by repealing subparagraph (ivb) and
substituting the following—

“(ivb) Class 3B insurer carrying on general business
where gross premium written in the year of
assessment—

exceeds $50 million but does not exceed $150
million……………………………….…$75,000.00

exceeds $150 million but does not exceed $350
million ………………………………$100,000.00

exceeds $350 million but does not exceed $2
billion………………………………….$140,000.00

exceeds $2billion………………..…$175,000.00”;

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(s) in paragraph (7)(a) by inserting the following
subparagraph after subparagraph (v)—

“(va) for each of the calendar years 2009 and 2010 (in
respect of the mutual recognition initiative), an
additional annual fee of $40,000 shall be
payable by each Class 4 insurer”;

(t) in paragraph (7) by inserting the following
subparagraphs after subparagraph (a)(ix)—

“(ixa) Class 3A insurer carrying on both general
business and long term business ….$19,000.00

(ixb) Class 3B insurer carrying on both general
business and long term business where gross
premium written in the year of assessment—

exceeds $50 million but does not exceed $150
million……………………………………..$75,000.00

exceeds $150 million but does not exceed $350
million ………………………………..…$100,000.00

exceeds $350 million but does not exceed $2
billion ……………………………….….$140,000.00

exceeds 2 billion ………………….…$175,000.00”.

Fourth Schedule: Investment Business Act 2003 table of fees
amended
6 The Fourth Schedule to the principal Act is amended in the table
of annual fees under the heading “Investment Business Act 2003” as
follows—

(a) in paragraph (2)(a) by deleting “$1,250.00” and
substituting “$1,375.00”;

(b) in paragraph (2)(b) by deleting “$2,500.00” and
substituting “$2,750.00”;

(c) in paragraph (2)(c) by deleting “$5,000.00” and
substituting “$5,500.00”;

(d) in paragraph (3)(a) by deleting “$50,000.00” and
substituting “$55,000.00”;

(e) in paragraph (3)(b) by deleting “$200,000.00” and
substituting “$220,000.00”.

BERMUDA MONETARY AUTHORITY AMENDMENT (NO. 2) ACT
2008


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Fourth Schedule: Investment Funds Act 2006 table of fees replaced
7 The Fourth Schedule to the principal Act is amended in the table
of annual fees by repealing and replacing the entry under the heading
“Investment Funds Act 2006” as follows—

“(1) Application fee authorisation (all funds) $750.00

(2) Reclassification fee (all funds) $750.00

(3) Annual fee – standard fund $1,350.00

(4) Annual fee – administered fund $850.00

(5) Annual fee – institutional fund $850.00

(6) Application fee – exempted funds $500.00

(7) Annual fee – exempted funds $600.00

(8) Application fee – fund administrator’s licence $7,500.00

(9) Annual fee – fund administrator $8,250.00”.

Fourth Schedule: Trusts (Regulation of Trust Business) Act 2001
table of fees amended
8 The Fourth Schedule to the principal Act is amended in the table
of annual fees under the heading “Trusts (Regulation of Trust Business)
Act 2001” as follows—

(a) in paragraph (2)(b)(i) by deleting “$10,000.00” and
substituting “$11,000.00”;

(b) in paragraph (2)(b)(ii) by deleting “$17,500.00” and
substituting “$19,250.00”;

(c) in paragraph (2)(b)(iii) by deleting “$30,000.00” and
substituting “$33,000.00”.

Insurance Act 1978 amended
9 (1) Section 14 of the Insurance Act 1978 is amended—

(a) in subsection (1) —

(i) by deleting the “and” after paragraph (a)(ii) and
inserting the following paragraphs after paragraph
(ab)(iii)—

“(iv) notification of new or increased
shareholder control under s.30D; and

(v) application for cancellation of registration
under s 41(1)(a);”;

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2008


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(b) by deleting the “and” after paragraph (d) and inserting
the following after paragraph (e)—

“; and

(f) application for approval of internal model made
under the provisions of an Order made under
section 6A.”

(c) in subsection (2) by deleting “a business fee” in each
place where it occurs and substituting in each case “an
annual fee”;

(d) in subsection (3) by deleting “business fee” and
substituting “annual fee”;

(e) by inserting the following subsections after subsection
(3)—

“(4) The registration fee payable by a Class 3A,
Class 3B, or Class 4 insurer shall be remitted—

(a) by 50% where an insurer is registered after
31 August in any year;

(b) by 75% where an insurer is registered after
30th November in any year.

(5) The Authority, if satisfied that in the particular
circumstances of an insurer, the payment of the annual
fee in whole or in part would be detrimental to its
business, may—

(a) defer payment of all or part of the annual fee
otherwise due, to such date in the future as
it considers appropriate, or

(b) remit all part or part of the annual fee
otherwise due,

on such terms and conditions as it considers
appropriate.”

(2) Section 31C(4) of the Insurance Act 1978 is amended by
deleting “or Class 3” and substituting “, Class 3, Class 3A or Class 3B”.