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li{float:left;clear:both;width:100%}</style><![endif]--> <!--[if IE 6]><style>#topNav2 ul li{clear:none;}</style><![endif]--> </ul> <br class="clearit" /> </div><!-- #EndLibraryItem --><div class="watermark1" id="layoutwrapper"> <div id="c1"> <div class="breadcrumb"><!-- InstanceBeginEditable name="Breadcrumb" --> <p>You are Here:<a href="../index.asp">Home</a>>Insurance:&nbsp;<span class="breadcrumbBold">Fees &amp; Penalties</span></p> <!-- InstanceEndEditable --></div> <!-- InstanceBeginEditable name="MainContent" --> <div class="c1Content"> <h1>Fees &amp; Penalties</h1> <table border="0" cellpadding="0" cellspacing="0" class="feesTable"> <caption align="top"><a href="/uploaded/091229 BMA 2010 Fee Notice _GD version with SB edits_.pdf" target="_blank"></a> </caption> <caption align="top"> Pursuant to Insurance Act 1978 <br> </caption> <tr> <td rowspan="4" class="feesNum">(1)</td> <td colspan="4">Applying for registration as &ndash;</td> </tr> <tr> <td class="feesNum">(a)</td> <td colspan="2">an insurer under section 4(1)</td> <td class="feesCurrency">$525.00</td> </tr> <tr> <td class="feesNum">(b)</td> <td colspan="2">an insurance manager , broker or agent &ndash; under section 10</td> <td class="feesCurrency">$300.00</td> </tr> <tr> <td class="feesNum">(c)</td> <td colspan="2">an insurance salesman under section 10</td> <td class="feesCurrency">$&nbsp; 71.00</td> </tr> <tr> <td rowspan="20" class="feesNum">(2)</td> <td colspan="4"><p>Applying &ndash;</p> </td> </tr> <tr> <td class="feesNum">(a)</td> <td colspan="2">to vary or delete any conditions imposed on the Certificate of Registration under section 4(3)</td> <td class="feesCurrency">$210.00</td> </tr> <tr> <td class="feesNum">(b)</td> <td colspan="2">to register as a different class of insurer under section 4(6)</td> <td class="feesCurrency">$350.00</td> </tr> <tr> <td class="feesNum">(c)</td> <td colspan="2">[repealed]</td> <td class="feesCurrency">&nbsp;</td> </tr> <tr> <td class="feesNum">(d)</td> <td colspan="2">to be granted an extension to the filing deadline under section 17(4)</td> <td class="feesCurrency">$525.00</td> </tr> <tr> <td class="feesNum">(e)</td> <td colspan="2">to be exempted from the record keeping requirements of section 18C(2) </td> <td class="feesCurrency">$210.00</td> </tr> <tr> <td class="feesNum">(ea)</td> <td colspan="2">to notify new or increased shareholder control under section 30D </td> <td class="feesCurrency">$210.00</td> </tr> <tr> <td class="feesNum">(f)</td> <td colspan="2">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</td> <td class="feesCurrency"> $210.00 </td> </tr> <tr> <td class="feesNum">(g)</td> <td colspan="2">to receive Bermuda Monetary Authority approval for an insurer to reduce total statutory capital by 15% or more under section 31C</td> <td class="feesCurrency">$525.00</td> </tr> <tr> <td class="feesNum">(h)</td> <td colspan="2">to be granted a direction under section 56 other than those mentioned in paragraph (ha)</td> <td class="feesCurrency">$210.00 </td> </tr> <tr> <td rowspan="5" class="feesNum">(ha)</td> <td colspan="2">to be granted a direction under section 56, in respect of </td> <td class="feesCurrency">&nbsp;</td> </tr> <tr> <td class="feesNum">(i)</td> <td>exemption from requirement of section 18B to include opinion of loss reserve Specialist</td> <td class="feesCurrency">$350.00</td> </tr> <tr> <td class="feesNum">(ii)</td> <td>modifying of accounting provisions under sections 15 to 18 and regulations</td> <td class="feesCurrency">$525.00</td> </tr> <tr> <td class="feesNum">(iii)</td> <td>modifying margin of solvency for general business under section 33 and regulations</td> <td class="feesCurrency">$350.00</td> </tr> <tr> <td class="feesNum">(iv)</td> <td>modifying statutory financial returns under sections 15 to 18 and regulations</td> <td class="feesCurrency">$350.00</td> </tr> <tr> <td class="feesNum"> (i)</td> <td colspan="2"> to be granted a direction under section 57A</td> <td class="feesCurrency"> $1,313.00</td> </tr> <tr> <td class="feesNum"> (j)</td> <td colspan="2"> to receive Bermuda Monetary Authority approval for an asset not appearing onlines I, 2, 3(a), 5(a), 9, 10. 11 and 12 as required by the Insurance Accounts Regulations 1980, to be treated as &quot;relevant assets&quot;</td> <td class="feesCurrency"> $525.00</td> </tr> <tr> <td class="feesNum"> (k)</td> <td colspan="2"> to receive Bermuda Monetary Authority approval of letters of credit, guarantees and any other instruments to be treatedas other fixed capital</td> <td class="feesCurrency"> $350.00</td> </tr> <tr> <td class="feesNum">(l)</td> <td colspan="2">application for cancellation of registration under section 41(1)(a)</td> <td class="feesCurrency">$350.00</td> </tr> <tr> <td class="feesNum">(m)</td> <td colspan="2">application for approval of internal model made under the provisions of an Order made under section 6A</td> <td class="feesCurrency">$50,000.00</td> </tr> <tr> <td colspan="5" class="feesDate">Fees in respect of the above are due upon application</td> </tr> <tr> <td class="feesNum" rowspan="19">(3)</td> <td class="feesNum" colspan="3" rowspan="1">Registering as  </td> <td class="feesCurrency"> </td> </tr> <tr> <td rowspan="16" class="feesNum">(a)</td> <td colspan="2">an insurer &ndash;</td> <td class="feesCurrency">&nbsp;</td> </tr> <tr> <td class="feesNum">(i)</td> <td>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)</td> <td class="feesCurrency">$3,650.00</td> </tr> <tr> <td class="feesNum">(ii)</td> <td>Class I insurer carrying on general business</td> <td class="feesCurrency">$971.00 </td> </tr> <tr> <td class="feesNum">(iii)</td> <td>Class 2 insurer carrying on general business</td> <td class="feesCurrency">$1,737.00 </td> </tr> <tr> <td class="feesNum">(iv)</td> <td>Class 3 insurer carrying on general business</td> <td class="feesCurrency">$10,500.00</td> </tr> <tr> <td class="feesNum">(iva)</td> <td>Class 3A insurer carrying on general business</td> <td class="feesCurrency">$19,000.00</td> </tr> <tr> <td class="feesNum">(ivb)</td> <td>Class 3B insurer carrying on general business</td> <td class="feesCurrency">$75,000.00</td> </tr> <tr> <td class="feesNum">(v)</td> <td>Class 4 insurer carrying on general business</td> <td class="feesCurrency">$220,500.00 </td> </tr> <tr> <td class="feesNum">(vi)</td> <td>Long term insurer</td> <td class="feesCurrency">$19,000.00</td> </tr> <tr> <td class="feesNum">(via)</td> <td>Special Purpose insurers</td> <td class="feesCurrency">$10,000.00</td> </tr> <tr> <td class="feesNum">(vii)</td> <td>Class I insurer carrying on both general business and long-term business</td> <td class="feesCurrency">$10,500.00 </td> </tr> <tr> <td class="feesNum">(viii)</td> <td>Class 2 insurer carrying on both general business and long-term business</td> <td class="feesCurrency">$10,500.00</td> </tr> <tr> <td class="feesNum">(ix)</td> <td>Class 3 insurer carrying on both general business and long-term business</td> <td class="feesCurrency">$10,500.00</td> </tr> <tr> <td class="feesNum">(ixa)</td> <td>Class 3A insurer carrying on both general business and long term business</td> <td class="feesCurrency">$19,000.00</td> </tr> <tr> <td class="feesNum">(ixb)</td> <td>Class 3B insurer carrying on both general business and long term business</td> <td class="feesCurrency">$75,000.00</td> </tr> <tr> <td class="feesNum">(x)</td> <td>Class 4 insurer carrying on both general business and long-term business</td> <td class="feesCurrency">$220,500.00</td> </tr> <tr> <td class="feesNum">(b)</td> <td colspan="2">an insurance manager, broker or agent under section 10</td> <td class="feesCurrency">$1,406.00</td> </tr> <tr> <td class="feesNum">(c)</td> <td colspan="2">an insurance salesman under section 10 </td> <td class="feesCurrency">$140.00</td> </tr> <tr> <td class="feesNum">(4)</td> <td colspan="3">Issuing any certificate under section 14(1)(c)</td> <td class="feesCurrency">$525.00</td> </tr> <tr> <td class="feesNum">(5)</td> <td colspan="3">Inspecting the register under section 14(1)(d)</td> <td class="feesCurrency">$9.00</td> </tr> <tr> <td rowspan="3" class="feesNum">(6)</td> <td colspan="3">The furnishing by the Authority of any document under document or copy of a document under section 14(1)(e):</td> <td class="feesCurrency">&nbsp;</td> </tr> <tr> <td class="feesNum">(a)</td> <td colspan="2">for the first three pages or part thereof</td> <td class="feesCurrency">$6.00</td> </tr> <tr> <td class="feesNum">(b)</td> <td colspan="2">for each additional three pages or part thereof</td> <td class="feesCurrency">$6.00</td> </tr> <tr> <td colspan="5" class="feesDate">Fees in respect of the above are due upon application</td> </tr> <tr> <td rowspan="25" class="feesNum">(7)</td> <td rowspan="23" class="feesNum">(a)</td> <td colspan="2">an insurer &ndash;</td> <td class="feesCurrency">&nbsp;</td> </tr> <tr> <td class="feesNum">(i)</td> <td>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) </td> <td class="feesCurrency">$3,650.00</td> </tr> <tr> <td class="feesNum">(ii)</td> <td>Class 1 insurer carrying on general business </td> <td class="feesCurrency">$971.00</td> </tr> <tr> <td class="feesNum">(iii)</td> <td>Class 2 insurer carrying on general business </td> <td class="feesCurrency"> $1,737.00</td> </tr> <tr> <td class="feesNum">(iv)</td> <td>Class 3 insurer carrying on general business </td> <td class="feesCurrency">$10,500.00</td> </tr> <tr> <td class="feesNum">(iva)</td> <td>Class 3A insurer carrying on general business</td> <td class="feesCurrency">$19,000.00</td> </tr> <tr> <td class="feesNum">(ivb)</td> <td>Class 3B insurer carrying on general business where gross premium written as reported in the previous year s statutory financial return (or, with the approval of the Authority, in the most recent statutory financial return) </td> <td class="feesCurrency">$75,000.00</td> </tr> <tr> <td class="feesNum"></td> <td>exceeds $150 million but does not exceed $350 million</td> <td class="feesCurrency">$100,000.00</td> </tr> <tr> <td class="feesNum"></td> <td>exceeds $350 million but does not exceed $2 billion</td> <td class="feesCurrency">$140,000.00</td> </tr> <tr> <td class="feesNum"></td> <td>exceeds $2 billion</td> <td class="feesCurrency">$175,000.00</td> </tr> <tr> <td class="feesNum">(v)</td> <td>Class 4 insurer carrying on general business </td> <td class="feesCurrency">$220,500.00</td> </tr> <tr> <td class="feesNum">(va)</td> <td>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</td> <td class="feesCurrency">$40,000.00</td> </tr> <tr> <td class="feesNum">(vi)</td> <td>Long-term insurer </td> <td class="feesCurrency">$19,000.00</td> </tr> <tr> <td class="feesNum">(via)</td> <td>Special Purpose Insurers</td> <td class="feesCurrency">$10,000.00</td> </tr> <tr> <td class="feesNum">(vii)</td> <td>Class 1 insurer carrying on both general business and long-term business </td> <td class="feesCurrency">$10,500.00</td> </tr> <tr> <td class="feesNum">(viii)</td> <td>Class 2 insurer carrying on both general business and long-term business </td> <td class="feesCurrency">$10,500.00</td> </tr> <tr> <td class="feesNum">(ix)</td> <td>Class 3 insurer carrying on both general business and long-term business </td> <td class="feesCurrency">$10,500.00</td> </tr> <tr> <td class="feesNum">(ixa)</td> <td>Class 3A insurer carrying on both general business and long term business</td> <td class="feesCurrency">$19,000.00</td> </tr> <tr> <td class="feesNum">(ixb)</td> <td>Class 3B insurer carrying on both general business and long term business where gross premium written as reported in the previous year s statutory financial return (or, with the approval of the Authority, in the most recent statutory financial return) </td> <td class="feesCurrency">$75,000.00</td> </tr> <tr> <td class="feesNum">&nbsp;</td> <td>exceeds $150 million but does not exceed $350 million</td> <td class="feesCurrency">$100,000.00</td> </tr> <tr> <td class="feesNum">&nbsp;</td> <td>exceeds $350 million but does not exceed $2 billion</td> <td class="feesCurrency">$140,000.00</td> </tr> <tr> <td class="feesNum">&nbsp;</td> <td>exceeds $2 billion</td> <td class="feesCurrency">$175,000.00</td> </tr> <tr> <td class="feesNum">(x)</td> <td>Class 4 insurer carrying on both general business andlong-term business&nbsp;</td> <td class="feesCurrency">$220,500.00</td> </tr> <tr> <td class="feesNum">(b)</td> <td colspan="2">an insurance manager broker or agent under section 10 </td> <td class="feesCurrency">$1,406.00</td> </tr> <tr> <td class="feesNum">(c)</td> <td colspan="2">an insurance salesman under section 10 </td> <td class="feesCurrency">$140.00 </td> </tr> <tr> <td colspan="5" class="feesDate">Annual fees in respect of the above are due on or before 31st March 2010</td> </tr> </table> </div> <!-- InstanceEndEditable --></div> <div id="c2"> <div class="sideMenu"> <h1>Insurance</h1> <div id="p7TMnav"> <div><a href="supervision-regs.html">Supervision & Regulation</a></div> <div><a href="licensing.html" onclick="P7_TMenu(this,9);">Licensing</a> <div><a href="setup-captive.html">How to Set Up a Captive</a></div> </div> <div><a href="licensed-entities.asp">Licensed Entities</a></div> <div><a href="public-filings.html" onclick="P7_TMenu(this,9);">Public Filings</a> <div><a href="public-filings_Full.asp">Full Filings Class 4</a></div> <div><a href="Public-filings_Modified.asp">Modified Filings Class 4 (exemption from full filings under Section 56 of the Insurance Act 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