Senators passed a slew of financial bills with little debate yesterday.

First up was the Bermuda Monetary Authority Amendment Act which will increase fees for banks, trusts and insurers to help fund 30 new regulators.

It amends the registration and annual fees for Class Four insurance companies from the current $55,000 to $200,000, following industry consultation and it brings in new banding levels for fees.

Opposition Senator Bob Richards said the bills were necessary in the post Enron and post 9/11 world.

But he questioned how the BMA would be able to get the staff to carry out the regulatory work given its problems in retaining staff.

The Insurance Amendment Act which brings in a code of conduct was also passed with little comment.

The Companies Amendment Act, which modernises company law, cuts red tape and sanctions electronic documents also got all party support, although Sen. Bob Richards said the amendment on electronic documents was welcome but came very late.

The Investment Funds Act 2006, which regulates collective investment schemes, also sailed through with all-party support as did the Customs Tariff Amendment Act will harmonise customs laws in line with other countries.