2016 BMA Annual Fees

Summary

This document sets out the Bermuda Monetary Authority's schedule of fees for 2016, effective 1 January 2016, covering banks, deposit companies, money service businesses, corporate service providers, credit unions, insurers and insurance intermediaries, investment business licensees, investment fund administrators, trust companies, and businesses registered under the AML/ATF proceeds of crime legislation. It restates application, registration and annual fee amounts for each licence category and confirms payment due dates and late penalty rules.

• Fee levels: Most 2016 fees are unchanged from 2015, except for insurance Classes 3B, 4 and insurance groups, where fees changed; an earlier omission in filing extension fees for certain insurer classes has been corrected.
• Dual licensees: Entities holding more than one class of insurance licence must pay a separate annual business fee for each class of licence held.
• Late payment penalty: All regulated entities except those registered under the Proceeds of Crime (AML/ATF Supervision and Enforcement) Act 2008 face a penalty of 10.0% of the fee due for every month or part month the annual fee remains unpaid after the due date.
• Insurer classification date: The annual business fee owed by an insurer is based on its assigned class as at 1 January 2016.
• Deregistration refunds: Insurers that deregister during the year are eligible for a pro-rata refund of fees paid from the date of deregistration.
• Payment methods: Fees may be paid by cheque, via designated online banking payment streams at HSBC Bermuda and Butterfield Bank, or by international wire transfer using the account details provided.

The bulk of the document is a detailed fee table listing specific dollar amounts for applications, registrations, variations, extensions and annual fees under each relevant Act, varying by licence class, asset size or premium volume.

Key obligations

• Licensed banks and deposit companies must pay their annual fee under the Banks and Deposit Companies Act 1999 on or before 31 March 2016.
• Banks must pay their annual fee under the Banks and Deposit Companies (Fees) Act 1975 on or before 31 January 2016.
• Money service business licensees must pay their annual fee under the Bermuda Monetary Authority Act 1969 on or before 31 March 2016.
• Corporate service provider licensees must pay their annual fee under section 13 of the Corporate Service Provider Business Act 2012 on or before 31 March 2016.
• Credit unions must pay their annual fee under section 13(1) of the Credit Union Act 2010 on or before 31 March 2016.
• Insurers, insurance managers, brokers, agents and salesmen must pay their annual fee under section 14(2) of the Insurance Act 1978 (and, where applicable, section 27B for insurance groups) on or before 31 March 2016.
• Trust licensees must pay their annual fee under section 14(1) of the Trusts (Regulation of Trust Business) Act 2001 on or before 31 March 2016.
• Entities holding multiple insurance licence classes must pay a separate annual fee for each class held.
• Any regulated entity (other than those registered under the Proceeds of Crime Act 2008) that pays its annual fee late must pay a 10.0% per month penalty on the outstanding amount.
• Businesses registered under the Proceeds of Crime (AML/ATF Supervision and Enforcement) Act 2008 must pay the application fee with their registration application and pay annual fees thereafter on or before 31 March each year.
• Insurers seeking filing extensions, direction approvals, internal capital model approvals or other specified applications must pay the relevant application fee upon application.

Applies to

banks, deposit companies, money service businesses, corporate service providers, credit unions, insurers (Classes 1, 2, 3, 3A, 3B, 4, Special Purpose Insurers, Long-Term Classes A-E), insurance managers, brokers and agents, insurance salesmen, insurance groups, investment business licensees, investment fund administrators, trust companies, businesses registered under the Proceeds of Crime (AML/ATF) Act 2008

Deadlines

• 31st January 2016: Annual fee due for banks and deposit companies under the Banks and Deposit Companies (Fees) Act 1975.
• 31st March 2016: Annual fees due under the Banks and Deposit Companies Act 1999, Bermuda Monetary Authority Act 1969 (money service business), Corporate Service Provider Business Act 2012, Credit Union Act 2010, Insurance Act 1978, Investment Business Act 2003, Investment Funds Act 2006 and Trusts (Regulation of Trust Business) Act 2001.
• upon application: Application fees for various insurance registrations, variations, extensions and internal capital model approvals are due when the application is made.
• upon registration, then annually by 31 March: First annual fee under the Proceeds of Crime (AML/ATF Supervision and Enforcement) Act 2008 is due on registration, with subsequent annual fees due on or before 31 March each year.