29th November 2010
AGM in Dubai
The Offshore Group of Insurance Supervisors (“the Group”) held its Annual General Meeting on 25, October 2010 in Dubai, concurrent with the Annual Meeting of the International Association of Insurance Supervisors (“IAIS”).
Mr. David Vick, Chief Executive, Insurance and Pensions Authority – Isle of Man, was re-elected Chairman of the Group. Other members of the Executive Committee elected were Marie Luisa Man – Deputy Chairman (Macao), Nataly Davelaar-Mercelina – Secretary (Curacao), Diane Colton - Treasurer (Guernsey), Caribbean Region Representative – Elton Lettsome (British Virgin Islands), Pacific Region Representative – Ala Lima (Samoa) and European Region Representative – David Hart (Jersey).
During the meeting Gibraltar was elected as the second representative for the IAIS ‘Offshore’ region on the IAIS Executive Committee and the Chairman thanked Guernsey on behalf of the region for its contribution in carrying out this role previously.
Matters discussed at the meeting included, amongst others, Solvency II and developments within the IAIS, including the ongoing work to update the Insurance Core Principles. As has been the case during recent years, the Group and its members have made substantial contributions to many areas of the work of the IAIS.
The Group also discussed progress made to update and improve its website. Work is being done to update the information on the website to include also training materials.
The Group noted that significant progress had been made in achieving its goal of providing training to its members and observers. The educational programme will continue to be updated to take account of the educational needs of the members and observers. Following very successful training programmes for both junior and senior regulatory staff in 2010 undertaken with support from the IAIS, the Group discussed plans for further training programmes to be held in May 2011, in conjunction with the Annual Working Meeting of the Group, and also in November 2011.
The 2011 working meeting with an additional training module will be held in May in Bermuda, and the next annual meeting will be held in South Korea, in September 2011, to coincide with the IAIS annual conference.
Note to Editors
The Offshore Group of Insurance Supervisors (“OGIS”) was formed just ahead of the International Association of Insurance Supervisors (“IAIS”) in 1993 and quickly moved to establish and develop a number of regulatory Standards and Guidelines. Subsequently all the members and most of the Observers have become members of the IAIS.
OGIS applies specific conditions for membership. Observers have committed themselves to meeting these conditions within a reasonable time frame.
Current members of OGIS are Bahamas, Barbados, British Virgin Islands, Cayman Islands, Curacao, Gibraltar, Guernsey, Isle of Man, Jersey, Labuan, Macao, Bermuda, Vanuatu, Samoa, and the Turks and Caicos Islands. Current Observers of OGIS are Anguilla, Aruba, Belize, St. Lucia.