Paula Cox says government is 'not asleep at the wheel'

Bermuda will remain the pre-eminent location for insurance and reinsurance companies to do business, deputy premier and minister of finance Paula Cox told the World Insurance Forum this morning.

In her opening address to the forum, Cox acknowledged the pressure the jurisdiction faced from domestic governments with an increased focus on regulation, but pledged to remain competitive.

She said: "Complacency is not an option and we are not asleep at the wheel."

Cox said that ththe government would press ahead with current plans to give the Bermuda Monetary Authority the power to supervise firms on a group basis.