overseas colleagues following the Bermuda Insurance Institute's decision to join RINET (the Reinsurance and Insurance Network), the Brussels-based organisation which provides electronic network communications and standards research to the insurance industry and reinsurance markets globally.

The BII has entered RINET as a participant, rather than a member, although it will have full access to the products and services offered by RINET.

The network was formed in 1987 by eight European reinsurers as an international electronic communications and processing facility, and today is comprised of more than 340 insurers, reinsurers, brokers and other groups operating in 49 countries.

The BII's entry as a participant comes after a RINET seminar here last December. Chairman of the Institute's technology committee, Mr. Christopher Worsfold, said that RINET's aim was to facilitate the introduction and use of electronic data interchange (EDI) in international reinsurance.

"It's imperative that the reinsurance market utilises EDI to keep costs down,'' Mr. Worsfold said. "Already some companies will not accept business from parties that cannot demonstrate EDI capabilities.'' The BII technology committee has taken a leading role in increasing the awareness of EDI and E-Mail locally and Mr. Worsfold stated: "The committee is delighted with the Institute's entry into RINET because it endorses our efforts to promote EDI in Bermuda.'' In entering the RINET community, Bermuda joins leading insurance associations from Belgium, Denmark, France, Germany, Luxembourg, Greece, Norway, Portugal, Spain and the UK, which also have participant status.