Bermuda’s insurance industry fees paid to the Bermuda Monetary Authority have been overhauled to bring regulations up to date with sweeping industry changes.

The Bermuda Monetary Authority Amendment Act 2023 was brought to the House of Assembly on Friday by Wayne Furbert, the junior finance minister, who said the BMA had published two consultation papers online in February, followed by extensive engagement with industry groups, before the legislation came before MPs.

Mr Furbert added that the long-term insurance sector in Bermuda had “matured and grown”, while oversight had become more technical and complex.

Annual base fees would be gradually phased in from 2024 through 2026.

Scott Pearman, of the One Bermuda Alliance, signalled Opposition support, noting strong growth in the life sector within insurance and reinsurance.

Mr Pearman sparred with David Burt over the time allotted to MPs, given the Bill was tabled one week previously.

The Premier said the Ministry of Finance had gone out of its way to allow the Opposition a briefing on the legislation, saying he recognised “we should stand hand in hand across the aisle on matters of international business”.

He added that it was a case of “damned if you do, damned if you don’t”.

Curtis Dickinson, a Progressive Labour Party backbencher, told the House he had served as an executive adviser to the industry.

“Over the last five years, the growth in the long-term sector has been nothing short of exponential.”

Mr Dickinson added: “The BMA is now positioning itself to provide the appropriate level of regulation and oversight for the industry — there has been a tremendous amount of innovation.”

Mr Furbert noted that there had been “extensive time dedicated to consultation”.

He added: “That’s why it has taken some time.”