The offshore jurisdiction which adapts and conforms to the highest international standards will be most highly regarded and stand out as the most favourable base for legitimate business, Premier Jennifer Smith told more than 100 US business executives yesterday.

Premier Smith, speaking at a breakfast meeting held to coincide with the RIMS conference in Atlanta yesterday, said Bermuda had passed the most stringent tests imposed by the various reviews and scrutiny of outside bodies and earned its long standing reputation as a well regulated jurisdiction.

She was speaking at the beginning of Bermuda's big day at the RIMS conference, where a series of events kept the politicians and public officers busy from eight in the morning until late at night.

It began with a business breakfast hosted by BIBA, followed by Premier Smith's public walk-about at the conference centre and rounded off by a reception in the evening.

BIBA invited around 100 non-insurance business people from the Atlanta area to its business breakfast in the Ritz-Carlton Hotel. Also present were Minister of Finance Eugene Cox, Minister of Telecommunications and E-Commerce Renee Webb, Minister of Tourism David Allen, Registrar of Companies Jeremy Cox, Chairman of BIBA Raymond Medeiros and a number of representatives of BIBA and the island's professional services.

The event began with a BIBA video describing the various advantages of doing business in Bermuda and the variety of services and benefits available on the Island. The video concludes, "For international companies Bermuda means business.'' The focus of the event was e-commerce and the Premier welcomed guests, thanking them for coming "at such an early hour''. She said Government and BIBA attend RIMS every year because they believe the businesses and member organisations there are prime targets for Bermuda's message.

"After all, the pre-eminent jurisdiction for offshore business and top flight financial services, Bermuda, and the RIMS member organisations are a natural match,'' she said.

She added: "As a jurisdiction, Bermuda is constantly developing and adapting to the challenges that face business and communities globally. It does so by building solid relationships between government and the business community.

"This relationship, blending the skills and mindset of public and private sectors, allows us to ensure that the business community operates with a sound regulatory framework of the highest standard and in an environment that fosters innovation, growth and prosperity. Utilising synergies inherent in our existing base of financial and intellectual capital, the island has positioned itself as a vibrant hub for the convergence of multiple disciplines.'' Premier Smith said the Island had passed the most stringent tests imposed by the various reviews and scrutiny of outside bodies and earned its long standing reputation as a well regulated jurisdiction.

RIMS focus: Pages 21-23 Premier boosts Bermuda "As we look to the future, it is clear the jurisdiction that adapts and conforms to the highest international standards will be most highly regarded and stand out as the most favourable base for legitimate business.'' She said the spirit of innovation that had made Bermuda an insurance powerhouse was now fuelling the rapid development of e-business.

"Early on Bermuda recognised the importance of the emerging e-commerce business and moved quickly to create the Ministry of Telecommunications and Electronic Commerce. And, in so doing, became the first country in the world to explicitly include e-commerce in the portfolio of a government Cabinet Minister.

"Moreover, my government has become one of the first in the world to pass e-commerce legislation giving legal substance to the concepts of electronic data and transactions negotiated over the Internet.'' AP Photo/Alan Mothner Meeting and greeting: Premier Jennifer Smith and Finance Minister Eugene Cox greet more than 100 guests at a Bermuda Breakfast in Atlanta yesterday.

BUSINESS BUC RIMS REPORT