10 May 2000

Seventh Working Meeting in Labuan

The Offshore Group of Insurance Supervisors ("the Group") has held its Seventh Working Meeting at the offices of the Labuan Offshore Financial Services Authority in Labuan, Malaysia from May 8th to May 10th, 2000.

The Group discussed the Financial Stability Forum's recommendations of the Working Group on Offshore Finance Centres and, in this context, reaffirmed its commitment to the adoption of the International Association of Insurance Supervisors ("IAIS") standards, guidelines and methodologies. They agreed, where applicable, to issue interpretations and guidelines on each standard and noted that there were some elements of the IAIS documents, such as reinsurance, where the Group would recommend a higher level of observance.

Additionally, the Group agreed to a close co-operation with the Offshore Group of Banking Supervisors and the Offshore Group of Collective Investment Schemes Supervisors and resolved to explore ways of facilitating a more formal liaison with these Groups.

There was a re-emphasis on a proactive sharing of information to include rejected licence applications, disciplinary action and reinsurance.

A training seminar, to be held in Belize in July of this year, with the assistance of the IAIS, exemplifies the Group's commitment to providing training for its members and observers.

The Group has created its own Website (www.ogis.net). Further details of this meeting will be available on the site by June 30, 2000.

The Annual General Meeting of the Group will be held in Cape Town, South Africa in October 2000.

The Offshore Group of Insurance Supervisors ("the Group") was formed just ahead of the International Association of Insurance Supervisors ("IAIS") and quickly moved to develop a number of regulatory Standards and Guidelines. Subsequently, all of the Members and most of the Observers of the Group have become members of the IAIS, which has in turn developed Standards and Guidelines of its own, although not covering all the areas already dealt with by the Group.

The Group has strict criteria which must be met before admission to full membership. Observers have committed themselves to meeting these criteria within a reasonable time frame.

Current Members of the Group are Bahamas, Barbados, British Virgin Islands, Cayman Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Labuan, Netherlands Antilles and the Turks & Caicos Islands. Current Observers to the Group are Anguilla, Aruba, Bahrain, Belize, Samoa and Vanuatu.