Reminder: Annual Insurance Fees Due 31 March (2019-06-24)

Summary

This is a reminder notice from the Bermuda Monetary Authority to entities regulated under the Insurance Act 1978 that Annual Business Fees are due on or by 31 March each year, as prescribed under the Fourth Schedule to the Bermuda Monetary Authority Act 1969. It clarifies that non-receipt of an invoice does not excuse non-payment and sets out the penalty for late payment.

• Payment deadline: Annual Business Fees must be paid on or by 31 March of each year.
• No excuse for non-payment: Not receiving an invoice or statement from the Authority does not absolve an entity from paying the fee on time.
• Late penalty: Failure to pay by 31 March incurs a late penalty of 10 percent of the fee due for every month or part month the fee remains unpaid.

Key obligations

• Financially regulated insurance entities must pay their Annual Business Fees on or by 31 March of each year.
• Entities remain obligated to pay even if they do not receive an invoice or statement from the Authority.
• Entities that fail to pay by 31 March will incur a late penalty of 10 percent of the fee due for each month or part month of non-payment.

Applies to

entities financially regulated under the Insurance Act 1978

Deadlines

• 31 March (annually): Deadline for payment of Annual Business Fees under the Fourth Schedule to the Bermuda Monetary Authority Act 1969.