Bermuda Monetary Authority Amendment Act 2023

What this bill does

This bill updates the fee structure for Bermuda's insurance industry by moving insurance-related fees from one part of the Bermuda Monetary Authority Act to a new section, and adjusts various fees that insurance companies, managers, brokers and agents must pay to operate in Bermuda. The changes take effect January 1, 2024.

If passed (voted YES)

• Insurance companies and related businesses will pay updated fees for registration, annual licensing, and various applications - some fees increase while others may decrease depending on company size and type
• The Bermuda Monetary Authority will have a clearer, reorganized fee structure for regulating the insurance sector
• New fees are introduced for certain specialized insurance activities like internal capital models and scenario-based approaches

If rejected (voted NO)

• The current fee structure remains in place with existing rates and organization
• Insurance industry participants continue paying fees under the old schedule
• The planned reorganization of fee schedules does not occur

Who it affects

This primarily affects insurance companies operating in Bermuda, insurance managers, brokers, agents, and other insurance intermediaries who must pay these regulatory fees. The changes could impact the cost of doing insurance business in Bermuda depending on company size and activities.