pioneer Brian Hall tells David Fox of his predictions for the industry and he touches on the need for training Bermudian Brian Hall has been a leading force in the development of the Island's insurance market.

Now settled into a plush office atop the Washington Mall, with views over Hamilton, he believes Bermuda's regulators will have to continue amending legislation to keep the Island ahead of the game.

One area they will have to focus on is the continuing convergence of the financial and insurance industries.

Chairman of Government's Insurance Advisory Committee (IAC) and president of Inter-Ocean Management Ltd., Mr. Hall, said the IAC was already monitoring changes along these lines in other markets.

And in an interview with The Royal Gazette , he said, "Financial products and insurance products are becoming blended and redefined in our changing environment, and we had realised that amendments were necessary to our Act to define and regulate this evolution.'' Recently, the IAC worked on modifying legislation to accommodate industry trends toward securitization and commoditization. It has led to the passage of the Insurance Amendment Act, 1998.

Mr. Hall said, "At the same time, there is a need for the industry, through the IAC, to re-establish a strategic vision to enable it to remain at the leading edge of new developments, and to help Bermuda position itself to continue to support and attract quality business.

"This is being addressed during this year. To address these new challenges, the IAC added some additional members at the beginning of 1998 to strengthen our group in some of the newer areas.'' New members of the committee include senior vice president at Zurich Global Energy, Cathy Huffy; senior vice president at ACE Insurance and president of the Bermuda Insurance Institute, Larry Lombardo; chairman and CEO of Mutual Risk Management Rob Mulderig; and, RenaissanceRe chairman, president and CEO Jim Standard.

It brings to 19 the number of IAC members, including two ex officio members representing the regulatory bodies of the Bermuda Monetary Authority and the Registrar of Companies.

Mr. Hall has been chairman of the IAC since 1985, at the helm during a period of impressive local business growth in an increasingly sophisticated industry.

During his tenure, he has had responsibilities for the launch of the first International Business Week, the industry's first representation at RIMS, and the creation of the industry's first strategic plan.

Hall calls for `strategic vision' IAC recommendations to Government have led to on-going changes to insurance legislation, including the recent overhaul of the Insurance Act that identified different levels of regulation for different classes of insurers.

One of the IAC's many sub-committees is the Insurance Admissions Committee, which meets weekly to review in detail every application for incorporation of an insurer, before advice to the Finance Minister. The pay IAC members receive is all donated to the Bermuda Insurance Institute to fund the Sheldon Burgess Scholarship and the Verbena Daniels Scholarship.

Brian Hall