Bermuda's life insurers will see their registration and annual fees rise by $9,000 after the Bermuda Monetary Authority Amendment Act 2009 was passed by MPs yesterday.

The bill will see long-term insurance companies have their fees increased from $10,000 to $19,000 to cover the cost of greater supervision.

It comes into effect at the start of next year, but companies will still have to pay the $9,000 difference before September 30, 2009.