One of Bermuda's leading accountant bodies could be allowed to have corporate members if an act is passed by Parliament.

The Institute of Chartered Accountants Amendment, which was tabled in the House of Assembly on Friday, proposed that corporate membership, or "members that are companies'' be allowed to join the organisation.

Managing partner of KPMG Bob Steinhoff explained: "The changes were requested by the Institute so that it could be brought up to date with the rest of the world.'' He continued: "It would permit members to operate in a corporate form, which is consistent with the style being used in many other countries and the way in which commerce is conducted generally in today's world.'' Asked what practical implications this amendment would have to the accountants, Mr. Steinhoff said: "It would basically give them a chance to have insurance in place when faced with deep pocket claims. The corporate members would have to have professional indemnity insurance, which would pay for any such claims instead of the accountant's house and pension being taken away.'' The bill will be debated in the next few weeks.

HOUSE OF ASSEMBLY HOA