Press Releases Issued by OGIS
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20th October 2009
AGM in Rio de Janeiro
The Offshore Group of Insurance Supervisors (“the Group”) held its Annual General Meeting on 20, October 2009 in Rio de Janeiro, Brazil, 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 (Netherlands Antilles), Diane Colton - Treasurer (Guernsey), Caribbean Region Representative – Elton Lettsome (British Virgin Islands), Pacific Region Representative – Ala Lima (Samoa) and European Region Representative – Nigel Woodroffe (Jersey).
The Group elected its second representative for the IAIS ‘Offshore’ region on the IAIS Executive Committee. The Group wishes to congratulate Bermuda for being elected and hopes that with a second representation on the IAIS Executive Board the importance of the ‘Offshore’ regions will be more conveyed.
Matters discussed at the meeting included, amongst others, recent global developments and developments within the IAIS particularly recent IAIS papers. 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 2009, undertaken with support from the IAIS, the Group discussed plans for further training programmes to be held in May 2010, in conjunction with the Annual Working Meeting of the Group, and also in September 2010.
This year’s AGM was Mike Oliver’s last as Chair of the Group’s Education Committee. The new elected chair is Gordon Rowell of the Cayman Islands. Mike will however continue as member of this committee. The acting Chairman of the meeting, Nigel Woodroffe, expressed his thanks to Mike for his contributions to the work of the Group.
The 2010 working meeting with an additional training module will be held in May in Macao, and the next annual meeting will be held in Dubai, in October 2010, 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, which in turn developed 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.
Current members of OGIS are Bahamas, Barbados, British Virgin Islands, Cayman Islands, Netherlands Antilles, 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.