Regulator Training in Tortolla

The Offshore Group of Insurance Supervisors (OGIS) ran a Regulator Training seminar at the Long Bay Beach Resort & Villas, Tortola, British Virgin Islands, from 25th to 27th July, 2005 in conjunction with the International Association of Insurance Supervisors (IAIS). The seminar was attended by thirty two (32) individuals from sixteen (16) jurisdictions.

The training was focused on providing a background to why regulation is important, the core principles that should drive the regulatory process and the nature of risk within the insurance industry. Presentations were delivered by:

• Chris Collins – Head of Insurance Supervision, Gibraltar Financial Services Commission
• Makoto Okubo – IAIS Secretariat, Basel, Switzerland
• Michael Oliver – Director of Insurance, British Virgin Islands, Financial Services Commission
• Nigel Woodroffe – Director of Insurance, Jersey Financial Services Commission

OGIS has developed a three-year training plan aimed at providing regulatory training that is focused on the offshore sector while being compliant with the Insurance Core Principles of the IAIS. This three-year programme features two training events per annum aimed at one of three levels of attendee:

• Level 1 - Individuals will generally have less than three years of insurance regulatory experience
• Level 2 - Individuals will be more experienced regulators with the potential to move into senior management positions within the regulator
• Level 3 - Individuals will hold or be expected to move into senior management positions within the regulator

OGIS ran a Level 3 training course at its annual Working Meeting in Mauritius on 27th to 28th May, 2005. The event in the British Virgin Islands was the first to be aimed at Level 1. Further events are planned at all three levels over the next two years.