AGM in Singapore

The Offshore Group of Insurance Supervisors ("the Group") held its Annual General Meeting on 30 September, 2003 in Singapore, concurrent with the Annual Meeting of the International Association of Insurance Supervisors ("IAIS").

Members elected to the Executive Committee were:

• Chairman - Isle of Man (David Vick)

• Deputy Chairman - Mauritius (Iqbal Rajahbalee)

• Secretary - Cayman Islands (Mary Lou Gallegos) re-elected

• European Region Representative - Jersey (Nigel Woodroffe)

• Pacific Region Representative - Samoa (Cheshire Malua)

• Caribbean Region Representative - Bahamas (Roger Brown)

• International Representative - Guernsey (Alan Fleming)

Additionally, Guernsey and Jersey were re-appointed as Treasurer and Auditor respectively. A Principles Paper on the Corporate Governance of Captive Insurance Companies and a Guideline paper on Licensing of Insurance Managers were formally adopted by the Group. Four papers were presented for discussion:

• Regulatory Issues of Variable Life and Variable Annuity Products

• Guidelines on Anti-Money Laundering in Captives

• Guidelines on the Supervision of Insurance Companies using an exposure-based approach to Capital

• The issues and guidance for Supervision of Licensed Insurance Special Purpose Vehicles - Risk Transfer between Banks and Insurers. 

Two Training Seminars in collaboration with the IAIS, FSI, CARTAC, and OSFI will be held in 2004, the first in the Caribbean Region prior to the Group's Annual Working Meeting, the second in the Asia/Pacific Region before the Group's Annual General Meeting.

The Group approved the first issue of its Newsletter, which will be shared among OGIS and IAIS regulators. Copies of the Newsletter may be obtained from the Guernsey Financial Services Commission.

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 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 and Caicos Islands. Current Observers of OGIS are Anguilla, Aruba, Bahrain, Belize and Vanuatu.

For further information contact: 

Mr. Nigel Woodroffe
Director of Insurance
Tel: 44 1534 822000
Fax: 44 1534 82001
E-mail: n.woodroffe@jerseyfsc.org

September 30, 2003 - Singapore

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