AGM in Jersey

The Offshore Group of Insurance Supervisors ("OGIS") held its 10th Annual Working Meeting from May 21-23, 2003 at L'Horizon Hotel, St Brelade's Bay, Jersey.

Twenty-two delegates representing fourteen jurisdictions were in attendance as well as a representative from UNCTAD, who provided the Group with an update on the WTO financial services negotiations. St Lucia, a prospective member, was also in attendance.

Senator Frank Walker, President of the Policy and Resources Committee of the States of Jersey gave the opening address and Mr Colin Powell, Chairman of the Jersey Financial Services Commission and of the Offshore Group of Banking Supervisors provided an update on international issues relative to offshore financial centres.

One Supervisory Principles Paper on "Corporate Governance for Captive Insurance Companies" and one Guideline on "Licensing of Insurance Managers" were approved to send for adoption at the Annual General Meeting.

Three jurisdictions, Aruba, Belize and Anguilla had their observership status extended for a further three years. Other relevant topics discussed included "annuity products in captives", "risk-based capital adequacy", "anti-money laundering procedures for captives", "guidelines for insurers when dealing with overseas intermediaries", "exchange of information" and "IMF/World Bank Assessments".

This occasion for OGIS, unfortunately, also marked the retirement of William McCullough and Steve Butterworth.

Steve Butterworth, the founder of OGIS, is retiring as Director of Insurance, Guernsey Financial Services Commission and William McCullough, Chairman of OGIS for the past three years, retired as Director of Insurance, Financial Services Commission, British Virgin Islands. Both gentlemen will be missed for their significant contributions to OGIS. A dinner was held in their honour on May 22nd.

The Annual General Meeting of OGIS will be held in October 2003.

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

May 23, 2003 - Jersey, Channel Islands

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