Finance Minister Eugene Cox has announced the creation of a public office of Supervisor of Insurance who will have full responsibility to oversee the licensing and regulation of insurers from today.

The move comes in the wake of steps to modernise the Island's financial services legislator.

Government Information Services (GIS) said "the discharge of the Supervisor's responsibilities will conform to international standards in the licensing and regulation of insurers".

The changes will also give the necessary powers to the Supervisor as well as the Bermuda Monetary Authority to assist overseas regulators in appropriate circumstances.

The Minister will no longer be involved with the licensing process, but will remain responsible for ensuring that the Supervisor carries out his responsibilities in conformity with any national and economic interests imposed by the Minister.

The insurance regulatory division under the direction of the Supervisor of Insurance will remain in its current location until the second phase of the separation from the Ministry of Finance has been completed.