Bermuda Monetary Authority Amendment Act 2012
FA E R
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AT F
TQUO U

BERMUDA

BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2012

2012 : 4

WHEREAS it is expedient to amend the Bermuda Monetary Authority Act 1969 in
relation to fees charged by the Bermuda Monetary Authority:

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:

Citation
This Act may be cited as the Bermuda Monetary Authority Amendment Act 2012.

Amends Fourth Schedule
The Bermuda Monetary Authority Act 1969 is amended in the Fourth Schedule

under the heading “Insurance Act 1978”—

in paragraph (2) by deleting subparagraph (m) and substituting the
following—

“(m) by means of a pre-application, for approval of an internal
capital model made under the provisions of a Rule made under
section 6A

$40,000”;

in paragraph (3)(a) by deleting clause (vi) and substituting the following—

“(vi) Special Purpose insurers $6,000”;

in paragraph (7)(a)—

by deleting clause (iva) and substituting the following—

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(a)

(b)

(c)

(i)

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BERMUDA MONETARY AUTHORITY AMENDMENT ACT 2012

“(iva) Class 3A insurer carrying on general business where
gross premium is expected to—
not exceed $5 million $19,000
exceed $5 million but not exceed $20 million $22,500
exceed $20 million but not exceed $35 million $26,000
exceed $35 million $30,000”;

by deleting clause (v) and substituting the following—

“(v) Special Purpose insurers $6,000”.

Commencement
This Act comes into operation on 1 April 2012.

[Assent Date: 27 March 2012]

[Operative Date: 01 April 2012]

(ii)

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