Ninth Working Meeting in Providenciales

The Offshore Group of Insurance Supervisors (“OGIS”) has held its 9th Working Meeting at Beaches Resort in Providenciales, Turks & Caicos Islands, from May 29th to 31st, 2002.

Seventeen delegates, representing fourteen jurisdictions were in attendance, as well as a representative from the UNCTAD Insurance Industries Programme.

OGIS has always carried out peer evaluations regarding standards of regulation. Following in depth discussion of the on-going financial sector assessment program being carried out by the IMF, it was agreed that there would be a complete review of OGIS evaluations and conditions of membership.

The final draft of the revised Constitution of OGIS was discussed and will be submitted to the Annual General Meeting for adoption.

OGIS undertakes to provide training for its members and observers and other interested parties where applicable and has conducted two seminars to date, one in Belize in 2000 and the other in Vanuatu in 2001. The next training seminar will be held in Guernsey, concurrent with the 2003 Working Meeting.

Relevant regulatory topics discussed at the meeting included unlicensed insurance intermediaries, codes of conduct for the insurance market, companies providing deferred variable annuity products, corporate governance and the decrease in the availability of reinsurance cover following recent global events.

The Annual General Meeting of OGIS will be held in Santiago, Chile in October 2002.

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.

Current members of OGIS are Bahamas, Barbados, British Virgin Islands, Cayman Islands, Curacao, Gibraltar, Guernsey, Isle of Man, Jersey, Labuan, Macau, Mauritius, Samoa and the Turks & Caicos Islands. Current Observers to OGIS are Anguilla, Aruba, Bahrain, Belize and Vanuatu.

May 31st, 2002 Turks & Caicos Islands

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