19th May 2011
Seventeenth Annual Working Meeting in Bermuda
The Offshore Group of Insurance Supervisors (“the Group”) held its 17th Annual Working Meeting in Bermuda from May 10th to May 13th 2011. Twelve jurisdictions were represented.
The meeting provided an opportunity for participants to share information about significant developments and items of interest, including regulatory issues in their respective jurisdictions.
The Group also received an update about the on-going work of the various committees of the International Association of Insurance Supervisors and the Group’s input to several of these IAIS committees. It was furthermore agreed at the Annual Working Meeting that the Group would continue to develop its links with other international organizations such as the IAIS, FSB and GIFCS (Group of International Finance Centre Supervisors).
Prior to the meeting, the Group conducted a level three training programme for senior supervisors at the same venue. This training programme was instituted by the Group in 2005 and on this occasion the training focused on reinsurance and related issues.
Topics covered in the programme included a general overview of the Bermuda and global reinsurance markets; the structure of reinsurance programmes; risk based solvency, including the use of internal capital models; catastrophe reinsurance and catastrophe modeling; and non-traditional reinsurance products.
The Group will hold a level two training programme in November of this year in the Bahamas, details of which will be soon made available on the Group’s website (www.ogis.net/).
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 established and developed a number of regulatory standards and Guidelines. All of the Members and most of the Observers are members of the IAIS. OGIS applies specific conditions for membership and Observers have committed themselves to meeting these conditions within a reasonable time frame. For further information contact: Nataly Davelaar-Mercelina, Secretary Offshore Group of Insurance Supervisors E-mail: n.davelaar-mercelina@centralbank.an