of Bermuda insurance regulations is set to be carved up "like a plump Thanksgiving turkey'', according to an article this week in the New York Times.

The story in Sunday's New York Times reports that the Committee on Energy and Commerce, formerly chaired by Democratic Rep. John Dingell, is likely to lose some of the power the Congressman accrued over the last 14 years.

Headlined "A Capitol Hill Empire is in eclipse, ending a long reign by its Emperor'', the story outlines how newly-elected Republicans in the 104th Congress are set to scale back the reach of "the most powerful committee in Congress''.

The Michigan Democrat, now stripped of the authority of Democratic Congressional leadership and stripped of the committee chairman's power, is impotent as the committee is becoming considerably weaker, the story said.

It will probably be good news for insurance regulators in Bermuda and elsewhere who suffered the biting criticisms of one of his last reports last month.

In the face of claims from Bermuda regulators that the "Dingell report'' missed the point about the local regulatory environment, the subcommittee concluded that Bermuda could be lumped in with Bahamas, Barbados, British Virgin Islands, Guernsey, Isle of Man and Turks and Caicos.

The report said,"These domiciles hare three characteristics: (1) Their regulatory apparatus is small and underfunded, relative to the size of the industry they regulate. (2) Start up capital and licencing requirements are weak. (3) Public information is restricted.

"In addition the Bahamas, Barbados, Bermuda and Turks and Caicos share another important characteristic: Secrecy laws.'' Bermuda regulators, together with large US American insurance interests, have downplayed the criticisms as lacking in knowledge and/or substance.

In fact, the insurance industry is joined by a host of other industries in welcoming the departure of Mr. Dingell from the chair of the committee.

The New York Times reports that even as the oversight subcommittee investigators were packing their bags this week, they were remembered as being feared by regulators, businessmen and scientists.

The National Journal had observed once that the Dingell committee had claimed jurisdiction over anything that moved, burned or was sold. The power of the committee grew substantially under Dingell's 14-year reign.

But the Republicans are now severely cutting its power and scope, leading many to believe in insurance that the committee's call for more action to restrict or encumber their offshore movements could now fall on deaf ears.