Bermuda will remain under the spotlight of international scrutiny as long as it remains successful as a premier insurance sector, according to Robert Steinhoff, deputy chairman of the Bermuda Monetary Authority (BMA).

Mr. Steinhoff, retired chairman of the Insurance Advisory Committee (IAC), has achieved the Bermuda Insurance Institute?s Lifetime Achievement Award and will be presented with his award at a gala ceremony on May 20.

?One of the reasons Bermuda is under the spotlight is because we have been very successful and so other jurisdictions view us with a degree of envy and suspicion.

?Our companies are stronger than we have ever been and the London market looks at us with a certain amount of envy but also with respect with what the Bermuda market has achieved. The Lloyd?s market is attempting to restructure its ways to compete with the Bermuda.?

Despite his reputation as a quiet and unassuming achiever, Mr. Steinhoff has played a key role in the development of Bermuda?s insurance legislation over the last 35 years, including the Bermuda Insurance Act 1978 and subsequent amendments.

Mr. Steinhoff joined the IAC in 1981 and retired as chairman in 2005 and served as managing partner of KPMG until he retired several years ago.

?There has been a global move towards more regulation for financial services, particularly for insurance companies.?

?We see this through the International Association of Insurance Supervisors (IAIS) and the EU (European Union) directive for regulating insurers and reinsurers which soon shall become effective.?

?As a result of those changes Bermuda is making further changes to its regulatory model, particularly as it relates to the large Class Four Companies.?

He said in the last year the Insurance Supervisor has implemented company risk assessments and on site inspections for commercial insurers and reinsurers as well as regulatory guidelines dealing with a number of the IAIS principles.