companies report adequate information about their financial standing.

The review has been sparked by the rapid influx of highly capitalised reinsurers over the last year.

At the Seventh International Reinsurance Congress last Friday, Registrar of Companies Mr. Malcolm Butterfield said his department was examining whether current regulations extract adequate information from the new property catastrophe reinsurers.

"There is always an on-going examination of our regulations, particularly the reporting requirements when we see the industry developing as it is,'' he said.

"Presently, we are looking to see whether statutory financial returns require these companies to submit sufficient information to allow us to monitor them.

"Possibly, we will be asking for some supplementary information from these companies. This review is at the discussion stages.

"We are working with the committee system, and will get the views of the industry and public sector before proceeding.'' A sub-committee of the Insurance Advisory Committee (IAC), chaired by Mr.

Robert Steinhoff, a partner at accountants Butterfield & Steinhoff, is reviewing the 1980 Insurance Act and industry regulations.

It will report its findings back to the IAC in mid-November.

Mr. Brian Hall, chairman of the IAC and president of Johnson & Higgins (Bermuda), said: "The sub-committee would determine the need to modify the Insurance Act and regulations in recognition of Bermuda's expanded portfolio.'' In his speech entitled "Bermudian regulation'', Mr. Butterfield said local authorities had, so far this year, incorporated 51 new insurance and reinsurance companies, compared with 59 for the previous year.

The new property catastrophe reinsurers were "just the tip of the iceberg'', he said.

Mr. Brian Hall.