Symposium yesterday at the Marriott Castle Harbour Hotel, by crediting the partnership between Government and the private sector with the success the Island has found in insurance.

That partnership has led to an Insurance Advisory Committee (IAC) that the Minister admits is no longer questioned when it recommends turning insurance company applicants down.

The IAC is a group of 30 professionals in the industry, who advise the Minister on all matters relating to insurance.

They vet all insurance company applications, police the industry's activities and advise on legislation.

The Minister admitted that when the IAC recommends an application be declined, that is generally the last word on the subject.

The regulatory process in Bermuda is being examined more and more closely by other jurisdictions, an indication of its growing importance.

The maturing marketplace is the world's largest captive domicile with over 1,300 insurance subsidiaries with $13 billion in capital owned by national and multinational corporations. More than 20 large companies backed by $12 billion in commercial capital and surplus are als based on the Island.

Senator Lynda Milligan-Whyte, Parliamentary Secretary for Finance and senior partner in the law firm, Milligan-Whyte & Smith, said: "Bermuda is the fastest growing insurance marketplace in the world with $25 billion in capital and $60 billion in assets.'' Her Minister's remarks came after the conference was opened by a brief video that Dr.

Saul referred to as having "jazzy music'' and a "Star Trek touch.'' The video featured symbolic graphics and photographs of conference participants. Sponsored by Global Capital Re, the video was based on the symposium theme, "One market for the world''.

Speaking to about 300 symposium participants, Dr. Saul said: "Today, I think it is true to say that Bermuda is indeed `one market for the world'.

"We have come a long way. Within two city blocks in Hamilton you can meet almost all your insurance needs. When captives are being considered, insurance buyers and sellers still list Bermuda as their number one choice.

"For diversification of reinsurance products whether it's workers' compensation, professional liability, excess liability, finite risk, property catastrophe reinsurance, E&O, D&O or financial insurance -- you name it -- there is every likelihood that your needs can be met by Bermuda's industry, or through associates around the globe.

"More important to that is the need to build on the general theme of quality.

Anyone who comes to Bermuda to tap into Bermuda's insurance industry or their needs as buyers or sellers, will see and be received by those who have the highest standards of integrity.

"The security is there, the supervision and the professionalism, from bankers to accountants to lawyers, is there. Another reason why we can hold our heads high and say we are one market for the world.'' The Hon. David Saul.