Insurance regulators quickly re-registered all of the Class 4 insurance companies under the new insurance regulations, before last Saturday's application deadline.

As of the end of April, the companies faced tough new solvency and capital requirements, including the maintenance of minimum capital and surplus of $100 million.

The remaining more than 1,300 insurers will also be forced to re-register under the new regime, although they have until later on in the year to complete that process. In fact, they have another four months to have their completed applications submitted to regulators.

Registrar of Companies Mr. Malcolm Butterfield said that newly developed transitional forms were sent to the 13 Class 4 companies.

He said, "They sent the forms along with their financial statements back to us. The new forms for the re-registration of Class 4 insurers is called a T-4 form.

"We spent about a week and a half going through the applications. It went through very painlessly. It was a quick process before the April 29 deadline.

They are all registered now. "For new companies applying to register in Class 4, we were using the existing forms, but we have started a process of looking at how we can revise those forms to make them more meaningful.

"There is no difference with respect of our vetting process, but we have new rules to look at when we are doing the vetting. We review the companies to determine which classes they fall in. That will be something new.'' The registrar said that it was important to ensure that the new regulations did not create an onerous process for the insurers that would increase the cost of doing business in Bermuda.

"Our goal,'' he said, "is to make it as streamlined as possible, so that we minimise the cost to the industry.'' In terms of the other classes of insurers, Mr. Butterfield said, "We are encouraging people to have their application in our door by September 1, 1995.

Essentially, they have to be registered no later than January 1, 1996. That's when it all comes into force for those companies. It all came into force for Class 4 companies on April 29.

"New companies coming on line, have to comply with the new requirements immediately.'' The Registrar's office is continuing attempts to bring its regulatory muscle up to strength, with hirings in the near future to help administer the new provisions.

Mr. Butterfield said, "In the last budget that was passed, there was a provision for four new people in this office. We already have two who are mainly on the non-insurance side. But there are two additional bodies coming on line who will assist with the process of regulating insurance companies.'' He said that he expected the office would be up to full strength this summer.

The office has recently advertised for an assistant inspector of companies and Government is still in the process of recruiting to fill that post. The second position is still being developed in terms of what the job description will be, although an accounting background is likely.

Mr. Butterfield, himself, is set to leave the Registrar's office as of June 9, to take up a, as yet undisclosed, position in the private sector in July. His successor has not yet been named.