A total fee reduction of about $500,000 is in line for Class 3A insurers in an effort to retain Bermuda’s competitiveness.MPs passed the Bermuda Monetary Authority (Regulatory Fees) Amendment Act, which sets out a new structure of fees for that group of insurers.Revised fees for 2012 approved by MPs are:n gross premium written greater than $35 million: stays at $30,000;n gross premium written $20 million to $35 million: reduced from $30,000 to $26,000;n gross premium written $5 million to $20 million: reduced from $30,000 to $22,500;n gross premium written less than $5 million: reduced from $30,000 to $19,000;n affiliated (re)insurer: reduced from $20,000 to $19,000.Premier and Finance Minister Paula Cox, who opened the debate on Friday night, told MPs: “There are currently 135 Class 3A insurers registered in Bermuda.“The proposed change to the fee structure is actually a reduction of fees for this class of approximately $500,000.“This change is as a result of consultation with industry over the past year to ensure Bermuda retains its competitiveness.”Ms Cox told MPs the fees had been calculated to ensure they remain proportionate to risk, and to align with other commercial classes of insurance.She said Bermuda Monetary Authority had run at a deficit in recent years to minimise the impact of fee increases on the financial services industry.“Recognising the current weak Bermudian economy, the Authority will follow the same approach in 2012, which will allow 2012 fee increases to be kept to a minimum,” she said.“These amendments are necessary to ensure that Bermuda continues to be recognised as a leading jurisdiction for financial services.“One that is competitive and well regulated but which is nevertheless able to efficiently process applications from new entrants to the market from credible jurisdictions.”