AGM in Cape Town

The Offshore Group of Insurance Supervisors ("The Group") has held its Annual General Meeting in Cape Town concurrent with the Annual Meeting of the International Association of Insurance Supervisors ("IAIS").

The Group has prepared Guidelines for compliance with the Insurance Supervisory Principles of the IAIS. These Guidelines will be discussed with the relevant international organisations for use with assessments and evaluations.

The Group resolved to work towards the convergence of the offshore regulatory organisations. The Chairman will meet with his counterparts (Offshore Group of Banking Supervisors, Offshore Group of Collective Investment Scheme Supervisors) and there will be joint meetings of the Groups to discuss matters of common interests and concerns.

Mr. William McCullough (British Virgin Islands) was appointed Chairman. The new Executive Committee included Mr. Steve Butterworth (as IAIS and international representative) and members from the three distinct geographical areas: Caribbean (Mr. Harold Wong of the Turks & Caicos Islands), Europe (Mr. Nigel Woodroffe of Jersey) and the Pacific (Mr. Sabaruddin Bin Ismail of Labuan). Mr. Nigel Woodroffe was also appointed Deputy Chairman and Ms. Mary-Lou Gallegos (Cayman Islands) was re-elected as Secretary.

Following in-depth evaluations, the Group accepted two new jurisdictions, Macau and Mauritius, as Observers.

The Group has elected a new Evaluations Committee comprising Labuan, Netherlands Antilles, Guernsey and the Isle of Man.

The main meeting of the Group, its working conference, will be held in Gibraltar in June 2001. The second Educational Seminar will be held in Vanuatu in August 2001.

Note to Editors

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. In the interests of uniformity the Group has adopted the more global IAIS Standards whilst recognizing that there may be valid reasons for variations to allow for the very distinct differences in insurance markets and economies to be found amongst its members.

Regarding Observers, the Group has strict criteria which must be met before admission to full membership and Observers have committed themselves to meeting these criteria within a two year period.

For further information contact: 
Mr. William McCullough - Tel: 284 494 6430 or 
Ms. Mary-Lou Gallegos - Tel: 345 914 1554.

October 8, 2000 - Cape Town, South Africa

Whilst every attempt has been made to ensure that the information contained on this web-site is correct, no assurances can be given as to its accuracy at the time of viewing these pages.  Additionally, no responsibility is undertaken for the content of any links appearing on this web-site.
If you notice any incorrect information, please notify webmaster@fsc.gi.