AGM in Santiago

The Offshore Group of Insurance Supervisors ("the Group") held its Annual General Meeting on October 8th 2002 in Santiago, Chile, concurrent with the annual meeting of the International Association of Insurance Supervisors ("IAIS").

Members elected to the Executive Committee were:

• Chairman - British Virgin Islands (William McCullough) - re-elected; 
• Deputy Chairman - Isle of Man (David Vick); 
• Secretary - Cayman Islands (Mary-Lou Gallegos) - re-elected;
• European Region Representative - Jersey (Nigel Woodroffe);
• Pacific Region Representative - Samoa (Erna Va'ai);
• Caribbean Region Representative - Bahamas (Roger Brown).

Additionally, Guernsey and Jersey were re-appointed as Treasurer and Auditor, respectively and Guernsey was re-appointed as the Group's representative on the Executive Committee of the IAIS.

The Group formally adopted a new Constitution as well as a new Guideline : "Regulatory Responses to Captives Changing Domiciles". Two draft Guidelines, one on "Corporate Governance" and the other on the "Appointment and Monitoring of Independent Financial Advisors", were also presented for discussion.

A training seminar in collaboration with the IAIS and the Financial Stability Institute, will be held prior to the Group's Annual Working Meeting, scheduled for May 2003 in the Caribbean.

Any enquiries to Steve Butterworth, Director of Insurance

Tel: (44 1481) 712801 Fax: (44 1481) 712010 Email: sbutterworth@gfsc.guernseyci.com

11 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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