AGM in Bonn

The Offshore Group of Insurance Supervisors ("The Group") held its Annual General Meeting on September 18, 2001 in Bonn, Germany concurrent with the Annual Meeting of the International Association of Insurance Supervisors ("IAIS").

Members re-elected to the Executive Committee were: BVI (William McCullough) as Chairman, Jersey (Nigel Woodroffe) as Deputy Chairman, Cayman Islands (Mary-Lou Gallegos) as Secretary. Guernsey (Steve Butterworth) was elected as Treasurer. Mr. Butterworth also serves as the international representative of the Group.

During a discussion on the review of the Constitution of the Group it was agreed that reviews such as the Financial Sector Assessment Programme, undertaken by the IMF and the KPMG Report on Overseas Territories could be taken into consideration by the Evaluation Panel, whose duty it is to carry out evaluations of members of the Group in order to satisfy itself that the member is supervising insurance business in accordance with prevailing international standards. This panel currently comprises Guernsey, Labuan and the Netherlands Antilles, with the Isle of Man as an alternate.

The following Principles Papers were presented by members, discussed and approved by the Group: 1) Capital Solvency Requirement, 2) Loans to related parties and 3) Suspension, Cease and Desist Orders, Withdrawal of Licence and Winding-up.

The Group's second successful training seminar, held in Vanuatu in August 2001, included presentations by experienced speakers from the International Association of Insurance Supervisors' Secretariat in Switzerland, the United Kingdom, Australia and the Caribbean. The next training seminar will take place in conjunction with the Insurance Association of the Caribbean's conference in June 2002.

The main meeting of the Group, its working conference, will be held in St. Lucia in May 2002.

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 1, 2001 - Bonn, Germany

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