Bermuda's new Registrar of Companies Jeremy Cox has been spreading the word overseas that the Island is embracing technology and getting online.

Finance Minister Eugene Cox's son vowed to Insurance Day trade newspaper that he was going to take the Registrar of Companies office into the year 2000 with e-commerce.

He recently replaced Kymn Astwood who moved to the private sector.

"We need to be more efficient and look at opportunities to utilise technology and gain greater efficiencies,'' he said to the New York-based reporter.

"Certainly, I need to continue with some of the efforts started by our former registrar to take the Registrar of Companies into the year 2000 with e-commerce.'' Initially he said the aim would be to let new companies setting up here reserve their names on-line, and then to take the approval and application process onto the Web.

But further into the future much more was possible.

He saw the next step in the development of the electronic world as allowing Bermuda's insurers to file financial returns on-line.

"This is a key priority and an ongoing process. We want to see where we can gain efficiencies,'' he explained.

He said it was vital that the Island kept its flexible but sound regulatory approach in order to maintain its edge on competitors.

"We work consistently to ensure the Insurance Act is a document that serves Bermuda well. Bermuda is a premier jurisdiction and must be capable of dealing with the different, complex types of vehicles we have here.'' "With the convergence of the insurance and capital markets we need to make sure there is enough flexibility in our legislation to accommodate both types of vehicles here. That is well in hand.

"We have got to make sure we continue to be looked upon as a jurisdiction which does have sound regulation and we will continue to measure ourselves against international regulatory standards.''