13th May 2009
Sixteenth Working Meeting in Curaçao
The Offshore Group of Insurance Supervisors (“the Group”) held its 16th Annual Working Meeting in the Netherlands Antilles, Curaçao from May 13th to May 15th 2009. 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 Supervisor and the Group’s input to several of these IAIS committees. The Group also discussed its project to update and enhance its website. A special welcome was extended to new Members to the Group, Bermuda and Vanuatu. Vanuatu has for some years been an observer to the Group prior to becoming a member.
Prior to this 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 Solvency and capital adequacy, Stress and scenario testing, On-Site inspections and Group supervision, home/host supervisory issues. A total of 41 supervisory staff members attended the training.
The Group will hold a level two training programme in September of this year in Barbados, 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 quickly moved to establish and develop a number of regulatory standards and Guidelines. Subsequently all of the Members and most of the Observers have become members of the IAIS, which has in turn developed its Insurance Core Principles and Standards and Guidelines of its own. OGIS applies specific conditions for membership. 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.