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HAMILTON, Bermuda—The Bermuda Monetary Authority has reduced the annual registration fee for special-purpose insurers to $6,000 from $11,600. The change becomes effective April 1.
Special-purpose insurers assume insurance or reinsurance risks and typically fully fund their exposures through debt issuance or other financings. The vehicles frequently are used in the issuance of catastrophe bonds.
In a statement announcing the fee reduction, Shelby Weldon, the BMA’s director of insurance, licensing and authorizations, noted that, because special-purpose insurers are fully funded, they require a lower level of supervision than would another other insurance entities such as large commercial insurers, allowing the authority to set a fee that reflects the costs associated with the lower level of supervision.
Bermuda reported forming 23 special-purpose insurers in 2011, up from eight in 2010 and one in 2009 when the BMA first established a regulatory framework for their formation. Three have been licensed so far in 2012, according to the BMA.