Public Accountants is holding its quarterly meeting in Bermuda beginning May 12.

The 14-member committee is made up of specialist partners from US accounting firms, an insurance regulator and members from the insurance industry.

The committee is responsible for developing guidance on generally accepted accounting principles and auditing standards for the US insurance industry.

Bermuda-based insurance and reinsurance companies that are publicly traded in the US are affected by any recommendations that the committee makes to the accountancy organisation.

"The importance of the Bermuda insurance market internationally and the prominence of a number of its larger insurers and reinsurers, makes it all the more important that we communicate our current projects and direction and that we establish broader relationships with our members as well as with the insurance industry here in Bermuda,'' committee chairman Patrick Shouvlin said in a statement.

The committee will be giving a two hour presentation covering accounting and auditing issues relating to the insurance industry during its visit to Bermuda.

BUSINESS BUC