Bermuda-domiciled class 4 insurers will be made to pay a special levy to the Bermuda Monetary Authority under legislation tabled in Parliament last week.

The bill gives insurers until 30 September of this year to pay the fee, or face a penalty of up to 10 percent of the levy for every month it remains unpaid.

The fees range from $80,000 to $230,000 — depending on the gross value of premiums underwritten by an insurer.

An explanatory memorandum attached to the bill explained that the levy was to cover the costs of the Authority's "enhanced supervisory standards".