Bermuda Monetary Authority announces 2025 fees update
14 Mar 2025
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The Bermuda Monetary Authority (BMA) published its fee schedule for 2025, applicable to regulated entities operating under various financial services legislation. Effective from 1 January 2025, the updated fees are outlined under the Fourth Schedule of the Bermuda Monetary Authority Act 1969. The comprehensive fee structure impacts institutions governed by laws such as the Insurance Act 1978, Digital Assets Business Act 2018, and Investment Funds Act 2006, among others.
Key highlights for 2025
- Annual business fees: Fees are applicable from 1 January to 31 December 2025. Entities holding multiple licenses are required to pay annual business fees for each licence held.
- Penalty fees for late payments: Statutory penalties will apply to businesses that fail to meet the payment deadlines, with penalties increasing based on the duration of non-payment.
- Insurance sector fees: The annual fee due is based on the assigned insurer license class as of 1 January 2025. For insurers that are registered under the Segregated Accounts Companies Act 2000, the annual business fee is the level of unconsolidated gross premium written. The annual business fee charged will be based on the combined premiums written in both the general account and the segregated accounts, irrespective of the manner in which the gross premium written is presented on the insurer's Statutory Financial Statements.
The publication also provides guidance on refunds, fee definitions and the structure for dual licensees. Businesses are encouraged to review the complete schedule to ensure compliance and avoid penalties.
For full details, access the official fee document here: BMA 2025 Fees Schedule.
