Budget News For Bermuda Insurers

Bermuda's Minister of Finance presented his 1997 Budget on 19th February, 1997, at which time he stated:

"Consideration has been given to the fee structure currently applicable to insurance companies. As a result, legislation will provide for reductions in annual fees for captive insurance companies, but there will be an increase in the fee charged to Class 3 and Class 4 companies and to non-resident insurance companies. At the same time the fee structure generally for insurance companies will be clarified and rationalised to make clear the fees paid by companies which carry on composite business."

The Government intention to revise the annual fee structure for insurance companies has now been the subject of specific implementing legislation in the form of The Government Fees Amendment Regulations 1997 (the "1997 Fees Amendment").