Press Releases Issued by OGIS
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16th May 2006
Thirteenth Working Meeting in St Lucia
The Offshore Group of Insurance Supervisors (“the Group”) held its 13th Annual Working Meeting in St. Lucia from April 30th to May 2nd 2006. Sixteen jurisdictions were represented.
The International Representative of the Group provided the meeting with an extensive update of the on-going work of the various committees of the International Association of Insurance Supervisors.
On the second day of the meeting the Group hosted representatives of the World Bank for round table discussions on the use of reinsurance in money laundering and financing terrorism. This forum provided an opportunity for the Group to enhance the World Bank’s representatives’ understanding of the use of “captive” insurance companies and the standards of regulation within the jurisdictions represented at the meeting.
The Group also spent considerable time discussing and amending a draft document on Captive Insurance Companies, prepared in conjunction with non-member jurisdictions over the past year. It is anticipated that this paper, the intention of which is to provide information on the use of captive insurance companies and the issues involving the regulation of these entities, will be presented to the International Association of Insurance Supervisors and will be adopted as an Issues Paper by that body.
Immediately following this meeting, the Group conducted a level two training programme at the same venue. This training is the second part of a three part training programme instituted by the Group in 2005, the first part having been held in the British Virgin Islands in 2005.
“Quote by Chairman on meeting”.
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 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:
Mary-Lou Gallegos
Secretary
Offshore Group of Insurance Supervisors
E-mail: m.Gallegos@cimoney.com.ky