Government is shifting policy to enable local business persons to incorporate exempted companies to compete in international markets, Finance Minister Paula Cox said yesterday.

?The policy shift will incorporate the principle of ?level playing field?, which means that this new breed of company will be able to apply for and receive the tax assurance certificate under the Exempted Undertakings Tax Protection Act 1966,? she told members in the House of Assembly yesterday.

?These certificates provide an assurance that any legislation enacted up to the year 2016 imposing direct tax computed on profits or income or capital gains shall not be applicable to exempted companies.?

Meanwhile, Government continues to search for ways to sustainably diversify the economy ? and Ms Cox said early successes in the hospitality sector were encouraging.

The Bermuda Monetary Authority and the Finance Ministry have been working together to protect Bermuda?s reputation as an international business centre, she added ? and, according to those the Minister spoke with at the annual RIMS conference in Philadelphia, despite the wide-ranging investigations by New York Attorney General Elliot Spitzer into the insurance/reinsurance market, Bermuda?s reputation as a financial jurisdiction remains strong and positive.

A panel at the conference highlighted the ?responsiveness, innovative nature and depth of the Bermuda insurance market,? the Minister said. ?We heard that one of the compelling attractions of the Bermuda market was its depth of capacity and the resultant ability to conclude a deal involving $1 billion of insurance/reinsurance cover quickly.

?Their views on the likely impact of the investigation were measuring and sobering. The general consensus was that the outcome would be good for the market going forward in that it would operate more transparently.?

Though taking those views as positive for Bermuda, the Minister took the extra step of commissioning independent surveys to gather empirical data from leading business persons in Bermuda and overseas on Bermuda?s standing as an international finance centre and any further development possibilities.

The BMA and the Ministry of Finance are constantly reassessing the potential fall-out on Bermuda?s reputation, she said.

?We are working to assemble a qualified team representing public-private partners so we can continue to be poised going forward to tackle challenges to our business and our reputation.?