Bermuda must take a leadership role in the work of the International Association of Insurance Supervisors (IAIS), according to (Re)insurance Person Of The Year Jeremy Cox.

The Bermuda Insurance Institute honoured Mr. Cox last week for the level of his professionalism and his contribution to the development of Bermuda?s regulatory regime.

?The award is not so much a testament to me, it?s more a testament to the Bermuda market?s substantial development over the last ten years,? said Mr. Cox, Supervisor of Insurance, Bermuda Monetary Authority (BMA).

BMA Chairman and CEO Cheryl-Ann Lister said of his award: ?It is a reflection of the high level of effectiveness, skill and pragmatism that he brings to his role as Supervisor of Insurance.

?His professionalism and deep commitment to Bermuda are an invaluable asset to the Authority and the jurisdiction.?

Mr. Cox said supervision over the insurance sector has been transformed from a small department within the Registrar of Companies dedicated to insurance matters, to one of the most significant departments of Bermuda?s independent regulator of all financial services, the BMA.

?Clearly as the department has grown and the international regulatory issues affecting the insurance sector have unfolded, we?ve seen the evolution of Bermuda supervision to a more substantial department with greater responsibilities,? he said.

In 2002, the Insurance Division separated from the Ministry of Finance and became part of the BMA, as the then Registrar of Companies was selected to head up the new division as Supervisor of Insurance, responsible for the overall supervision of Bermuda?s insurance market.

Mr. Cox said Bermuda had been on a more aggressive path in enhancing its regulatory framework.

?We have been consistent in that whatever we have introduced has made sense from a practical perspective, we try not to introduce requirements that have no real application for a predominantly wholesale Bermuda market.?

?Where you have a sophisticated buyer and a sophisticated seller you don?t need an intrusive regulatory system and Bermuda?s market has warranted a more practical regulatory approach.?

Apart from meeting international best practice standards, Mr. Cox said Bermuda must take on a leadership role within the IAIS and the core principles developed by that group.

?If your market represents such a significant portion of the world market (for reinsurance) you can?t be in a position of being a follower.?

Mr. Cox has oversight for a sector with some $100 billion in capital that includes both captive insurers and more than 40 global large global insurers.

?Getting more involved with the work of the IAIS is critical. When there is discussion about standards of supervision for reinsurance, Bermuda must take a dominant position and participate actively in those discussions.?

Mr. Cox said the reinsurance market has developed very rapidly in Bermuda and the Island must be one of the featured jurisdictions from an international regulatory perspective.

?You have to build your organisation and its integrity and automatically you will be looked upon as a leader helping to shape international standards of supervision.?