AGM in Vienna

The Offshore Group of Insurance Supervisors (“the Group”) held its Annual General Meeting on 18 October 2004 in Vienna, concurrent with the Annual Meeting of the International Association of Insurance Supervisors (“IAIS”).

Mr. David Vick, Chief Executive, Insurance and Pensions Authority – Isle of Man, was re-elected Chairman of the Group. Other members of the Executive Committee are Jarl Symreng – Deputy Chairman (Mauritius), Mary-Lou Gallegos – Secretary (Cayman Islands), Alan Fleming – Treasurer (Guernsey), Caribbean Region Representative – Michael Oliver (British Virgin Islands), Pacific Region Representative – Cheshire Malua (Samoa) and European Region Representative – Nigel Woodroffe (Jersey), and Steve Butterworth.

The Group reconfirmed the appointment of Steve Butterworth as its Executive Director, noting that significant progress had been made in the development of its strategy and educational programme since his appointment in 2004.

Other matters discussed at the meeting included the draft paper on the regulation and supervision of captive insurance companies, which the Group is developing in conjunction with other supervisors from jurisdictions having a particular interest in the subject. It is hoped that this paper will be presented to IAIS during 2006.  The Group and its members have a substantial input into many areas of the work of the IAIS.

Following very successful training programmes for both junior and senior regulatory staff in 2005, undertaken with support from IAIS, the Group finalized plans for a further training programme to be held in St. Lucia, in conjunction with the Annual Working Meeting of the Group in May 2006.

The next annual meeting will be held in Beijing in October 2006. to coincide with the IAIS annual conference, and the 2007 working meeting with an additional training module will be in May, in Guernsey.