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Changes to registration fees for some insurers and ship owners

Bermuda Monetary Authority fees for special purpose insurers will be cut by almost 50 percent under legislation approved by the House of Assembly.

Registration fees will be reduced from $11,600 to $6,000 in an attempt to make it more attractive for that group of insurers to do business in Bermuda.

Fees for Class 3A insurers will also be reduced, except for those with a gross premium over $35 million, which will continue paying $30,000.

Those with a gross premium under $5 million will now pay fees of $19,000; between $5 million and $20 million will pay fees of $22,500; between $20 million and $35 million will pay $26,000.

Meanwhile some merchant shipping fees are being increased for the first time since 2007.

Transport Minister Derrick Burgess released regulations showing fees for registering ships, including registration fees of between $400 and $1,500 for pleasure yachts; between $2,500 and $7,000 for 24-metre yachts; between $5,000 and $10,000 for passenger ships; and between $3,000 and $15,000 for cargo ships. Annual tonnage fees are also in place.

The Bermuda Monetary Authority Amendment Act and Merchant Shipping (Fees) Regulations both passed with no objection from the One Bermuda Alliance.

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Published March 21, 2012 at 9:52 am (Updated March 21, 2012 at 9:52 am)

Changes to registration fees for some insurers and ship owners

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