Training Seminar in Belize

The Offshore Group of Insurance Supervisors ("the Group") has held its first specialized training seminar in Belize in July, although working conferences have been held since 1995. Delegates from the Caribbean, Europe and the Pacific invited the insurance industry from Belize to share the seminar so that the latter would gain a greater understanding of complicated supervisory aspects.

This conference was supported by the International Association of Insurance Supervisors (IAIS), the United Nations Conference on Trade and Development (UNCTAD) and the Washington DC based International Insurance Foundation, all of whom sent prominent lecturers to assist with the programme.

Topics ranged from 'Evaluating and giving Credit for Reinsurance', 'Insurance Accounting Developments', 'Supervising Protected Cell Companies', 'Off-Balance Sheet Items', to 'Captive Insurance Business Plans, Unrelated Business, Solvency'; 'Insurance Intermediaries' and 'Money Laundering'. The final day was mainly taken up with an analysis of the IAIS Core Principles of Supervision, including Corporate Governance, Assessment and Exchange of Information.

The Group, which was founded in 1993 and which has strict membership requirements, discussed the recent and current focus on "offshore" jurisdictions by the Financial Stability Forum, the Financial Action Task Force, the OECD and other bodies. The Group reaffirmed its view that there should be no differentiation between "offshore" and "onshore" jurisdictions, but that the differentiation should be between well regulated, cooperative jurisdictions and those which were not well regulated and / or un-cooperative. In this context, OGIS Members and Observers believe that currently they operate to the highest international standards or, in the case of Observers, are striving to achieve that position within a defined time frame. The Group expressed their frustration that, in some areas, conclusions were being reached by bodies which had undertaken insufficient evaluation of the laws and practices of certain of their Members and Observers. Members and Observers were unanimous in their view that the insurance sectors under their supervision did not constitute any "material or potential threat to world financial instability". It was agreed that the Group would continue to work closely with the various investigating bodies, in an attempt to correct their misunderstandings.

OGIS again confirmed its commitment to the IAIS Core Principles of Supervision and will be constructively commentating on the latest draft. The OGIS annual meeting will be held in Cape Town in October, concurrent with that of IAIS and the next working conference will be held in Gibraltar in June 2001.

For further information concerning this press release, please contact:

Chairman
Steve Butterworth
Director of Insurance 
Guernsey Financial Services Commission 
Tel: 01481 712801 
Fax: 01481 712010 [Int. code 44 1481]  

Secretary
Mary Lou Gallegos
Deputy Head 
Insurance Supervision 
Cayman Islands Monetary Authority 
Tel: 345 949 7089 
Fax: 345 949 2532