2017 Bermuda Monetary Authority Fees

Summary

This document sets out the Bermuda Monetary Authority's fee schedule for 2017, effective 1 January 2017, covering application, registration, licensing and annual fees payable by entities regulated under Bermuda's banking, insurance, investment business, investment funds, trust, corporate service provider, credit union, money service business and anti-money laundering legislation. All fees remain unchanged from 2016 levels.

• Banks and deposit companies: Annual fees under the Banks and Deposit Companies Act 1999 and the Banks and Deposit Companies (Fees) Act 1975 are tiered by consolidated gross assets, with due dates of 31 March 2017 and 31 January 2017 respectively.
• Insurers: Application, registration and annual fees vary by insurer class (1, 2, 3, 3A, 3B, 4, Special Purpose, Long-Term A-E) and by gross premium written; a supplementary fee applies to insurers writing domestic business, and designated insurance groups pay an annual fee under section 27B based on group gross premium.
• Money service businesses, corporate service providers, credit unions: Each pays application/licensing fees and annual fees due on or before 31 March 2017.
• Trust companies: Limited and unlimited trust licensees pay application and annual fees, with unlimited licence annual fees scaled by gross income; annual fees due on or before 31 March 2017.
• AML/CFT registrants: Entities registered under the Proceeds of Crime (AML/ATF Supervision and Enforcement) Act 2008 pay an application fee and an annual fee (first payable on registration, thereafter due by 31 March each year); these entities are exempt from the late payment penalty regime.
• Late payment penalty: All regulated entities except AML/CFT registrants face a 10.0% per month (or part month) penalty on unpaid annual business fees after the due date.
• Dual licensees and deregistration: Entities holding multiple insurance licence classes pay a separate annual fee per class; deregistered insurers are eligible for a pro-rata refund from the date of deregistration.

The document also provides payment instructions, including domestic online banking payment streams at HSBC and Butterfield Bank and international wire transfer details for both banks.

Key obligations

• Banks and deposit companies must pay annual fees under the Banks and Deposit Companies Act 1999 on or before 31 March 2017, and under the Banks and Deposit Companies (Fees) Act 1975 on or before 31 January 2017.
• Money service business licensees must pay annual fees on or before 31 March 2017.
• Corporate service provider licensees must pay annual fees on or before 31 March 2017.
• Credit unions must pay annual fees on or before 31 March 2017.
• Insurers, insurance managers, brokers, agents and salesmen must pay annual registration fees as itemised, due upon application or as otherwise specified.
• Trust licensees must pay annual fees under the Trusts (Regulation of Trust Business) Act 2001 on or before 31 March 2017.
• AML/CFT registrants under the Proceeds of Crime Act 2008 must pay the application fee on registration and annual fees thereafter on or before 31 March each year.
• Regulated entities failing to pay annual business fees by the due date must pay a penalty of 10.0% of the fee due for each month or part month it remains unpaid, except AML/CFT registrants.
• Entities holding more than one class of insurance licence must pay a separate annual business fee for each class held.

Applies to

banks, deposit companies, money service businesses, corporate service providers, credit unions, insurers, insurance managers, brokers and agents, insurance salesmen, trust companies, investment business licensees, investment funds/fund administrators, entities registered under the Proceeds of Crime (AML/ATF) Act 2008

Deadlines

• 31st March 2017: Annual fees due for banks/deposit companies (Act 1999), money service businesses, corporate service providers, credit unions, trust licensees, and AML/CFT registrants (and certain other items listed as due by this date).
• 31st January 2017: Annual fees due under the Banks and Deposit Companies (Fees) Act 1975.
• 1st January 2017: Effective date of the 2017 fee schedule; insurer class as at this date determines the annual business fee due.
• annually by 31st March: Recurring annual fee due date for AML/CFT registrants under the Proceeds of Crime Act 2008 after the first annual fee (payable upon registration).