Bermuda?s largest reinsurance companies will see their registration and annual licence fees nearly quadruple under legislation tabled in the House of Assembly last Friday.

The fee increase was contained in one of four bills tabled by the Ministry of Finance in an attempt to improve the way business in Bermuda is regulated and to increase fees.

Under the Bermuda Monetary Authority Amendment Act, new fees will be introduced for Class 4 companies, other insurance companies, trust companies, some investment companies and banks with consolidated gross assets between $100 million and $500 million.

So-called class four insurance companies will now pay $200,000, up from $55,000, to be registered.

Class Four insurers must have a miumum of $100 million in capital and surplus.

The bill will also require that the insurers pay $200,000 annual fee to the BMA, up from $55,000.

According to the Ministry, the fees will enable the Authority to meet global standards.

It says there has been no change to fees for more than ten years.

For banks, the fee change is intended to accommodate smaller banks with consolidated gross assets between $100 million and $500 million. The fees have been reviewed and approved by various industry bodies, the statement added.

In other legislative moves, the Insurance Act 1978 will be amended to clarify the status of codes of conduct for people who are registered under the Insurance Act.

Under the Companies Amendment Act, new provisions will be added to make the principal Act more e-friendly.

The bill also covers a variety of market-related and technical amendments, including execution of documents and indemnification for directors, a statement said.

Meanwhile, the Investment Funds Act will replace the Bermuda Monetary Authority Collective Investment Scheme Classification Regulations 1998.

The bill will give the Authority extra powers to oversee the sector and will also update the classification process. Under the bill, fund administrators will be licensed for the first time.

The Ministry says it intends to ensure that Bermuda benefits without compromising the regulatory process.