Bills modernising Bermuda’s insurance and investment sectors were approved by the Senate yesterday.The Insurance Amendment Act helps ensure the Island complies with the European Union’s Solvency II Directive; the Bermuda Monetary Authority (Regulatory Fees) Amendment Act sets out a new structure of fees for Class 3A insurers; and the Investment Funds Amendment Act creates a new class of jurisdiction funds to attract foreign investors.All three pieces of legislation won support from across the Upper House, with Government Senators saying the move to keep in line with Europe is particularly wise.Government Senate Leader Kim Wilson said: “Bermuda recognises that some of our insurers will now be able to operate in the European market without having additional regulatory hurdles. That’s a huge advantage.”Responding to One Bermuda Alliance Senate Leader Michael Dunkley’s concerns over the cost of increasing regulations on businesses, Senator Wilson said: “The cost of regulation concerning this bill pales in comparison to the costs of the big advantages they will get.”Senator Dunkley noted Cayman Islands was avoiding such regulations to make itself more attractive to companies not wanting to deal with red tape, but Junior Finance Minister David Burt argued by adopting Solvency II Bermuda is keeping up with its rival Switzerland.