Bermuda Monetary Authority Amendment Act 2009
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BERMUDA
2009 : 37
BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2009
[Date of Assent: 19 July 2009]
[Operative Date: 19 July 2009 except s.2(b) 1 January 2010]
WHEREAS it is expedient to amend the Bermuda Monetary
Authority Act 1969 to make provision for increases in fees for long-term
insurers and to make provision for a supplementary fee for long-term
insurers for 2009:
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 (1) This Act may be cited as the Bermuda Monetary Authority
Amendment Act 2009.
(2) Except for section 2(b), this Act shall come into operation on
Assent.
(3) Section 2(b) shall come into operation on 1 January 2010.
Amends Fourth Schedule Bermuda Monetary Authority Act 1969
2 The Fourth Schedule to the Bermuda Monetary Authority Act
1969 is amended in the table of fees under the heading “Insurance Act
1978” —
(a) in paragraph (3)(a) (vi) (Long-term insurer) by deleting
“$10,000.00” and substituting “$19,000.00”; and
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(b) in paragraph (7)(a) (vi) (Long-term insurer) by deleting
“$10,000.00” and substituting “$19,000.00”.
Related provision: imposition of supplementary fee
3 (1) This section applies to every long-term insurer registered
under section 4(1) of the Insurance Act 1978 who, on 1 January 2009,
was liable to pay an annual fee under section 14(2) of that Act.
(2) Notwithstanding the provisions of this or any other Act,
every insurer to whom this section applies shall pay a supplementary
annual fee of $9,000 for the year 2009.
(3) Such supplementary fee shall be payable on or before 30
September 2009.
(4) Section 14(3) of the Insurance Act 1978 applies to an
unpaid supplementary annual fee under this section as it applies to an
unpaid annual fee under that section.
