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BMA fees cut

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

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 and between $20 million and $35 million will pay $26,000.

The Bermuda Monetary Authority Amendment Act passed with no objection from the One Bermuda Alliance.

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Published March 24, 2012 at 8:49 am (Updated March 24, 2012 at 8:49 am)

BMA fees cut

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