2nd November 2011
The Offshore Group of Insurance Supervisors (“the Group”) held its Annual General Meeting on 26, September 2011 in Seoul, 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, who has been the Group Chairman for almost 8 years, stepped down and Gibraltar was elected Chairman of the Group. Other members of the Executive Committee elected were Jeremy Cox - Deputy Chair, (Bermuda), Nataly Davelaar-Mercelina - Secretary (Curacao), Jeremy Quick - Treasurer (Guernsey), Caribbean Region Representative - Harry Whitcher (British Virgin Islands), Pacific Region Representative - Ala Lima (Samoa) and European Region Representative - David Hart (Jersey).
During the meeting the Cayman Islands was elected as the second representative for the IAIS „Offshore‟ region on the IAIS Executive Committee and the Chairman thanked Bermuda on behalf of the region for its contribution in carrying out this role previously.
Matters discussed at the meeting included, amongst others, the revision of the Group‟s Constitution and developments within the IAIS, including the updated 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. Among the items discussed was also a questionnaire prepared by the IAIS Standards Observance Subcommittee which will be circulated to the IAIS members for completion.
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 senior staff in May 2011 in Bermuda, the Group discussed plans for further training programmes for junior regulatory staff to be held in November 2011 in the Bahamas which will be undertaken with support from the IAIS.
The 2012 working meeting with an additional training module will be held in May in Gibraltar, and the next annual meeting will be held in Washington DC, in October 2012, 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 The 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