QU OF NT AT A FE RU

BERMUDA

INSURANCE COMPANIES (SPECIAL FEES) ACT 2010

2010 : 46

WHEREAS it is expedient to make provision for a special fee to be charged on Class

4 insurance companies to fund additional resources of the Bermuda Monetary Authority to enable it to carry out its programme of enhanced supervision; 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

1 This Act may be cited as the Insurance Companies (Special Fees) Act 2010.

Interpretation

2 In this Act— “Authority” means the Bermuda Monetary Authority established under section 2 of the Bermuda Monetary Authority Act 1969; “class 4 insurer” means a company registered as a class 4 insurer under section 4 of the Insurance Act 1978.

3. Special Fees: class 4 insurers

(1) Every class 4 insurer shall on or before 30 September 2010 pay to the Authority a special fee in accordance with the Table of Fees.

(2) Where a company fails to pay the fee due under this section, it shall pay in addition a late penalty fee amounting to 10% of the fee due for every month or part of a month that the fee remains unpaid.

(3) The Authority may recover any unpaid fee and penalty fee due as a debt owing to it in any court of competent jurisdiction.

INSURANCE COMPANIES (SPECIAL FEES) ACT 2010

TABLE OF FEES

Gross Premium Written BAND (as reported in 2009 statutory financial Applicable Fee returns)

A Less than $400 million $80,000

B $400 million but less than $800 million $130,000

C $800 million but less than $1.2 billion $180,000

D $1.2 billion or more $230,000

[Assent Date: 10 August 2010]

[Operative Date: 10 August 2010]