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The Offshore Group of Insurance
Supervisors (“the Group”) held its Annual General Meeting on 18 October 2006 in
Beijing, 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 elected are Jarl Symreng –
Deputy Chairman (Mauritius), Nataly Davelaar-Mercelina – Secretary (Netherlands
Antilles), Diane Colton - Treasurer (Guernsey), Caribbean Region Representative
– Michael Oliver (British Virgin Islands), Pacific Region Representative – Ala
Lima (Samoa) and European Region Representative – Nigel Woodroffe (Jersey), and
Steve Butterworth.
The Group noted the retirement of its
secretary, Mary-Lou Gallegos and of its treasurer, Alan Fleming. The Chairman
thanked them both for their contributions to the work of the group. The group
also 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.
Matters discussed at the meeting
included the different draft papers put for adoption at the IAIS annual meeting
on October 21, 2006. Special attention was given to the comments received on the
issues paper on the regulation and supervision of captive insurance companies.
As has been the case during the past years, 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 2006, undertaken with
support from IAIS, the Group finalized plans for a further training programme to
be held in Guernsey, in conjunction with the Annual Working Meeting of the Group
in May 2007. The focus of this training will be on Special Purpose Vehicles. In
addition it is the intention to have a 4-day training programme in London which
will focus on captive insurance companies.
The next annual meeting will be held
in Florida in October 2007, to coincide with the IAIS annual conference, and the
2007 working meeting with an additional training module will be in May, in
Guernsey. |
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, Netherlands Antilles,
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, St. Lucia and Vanuatu.
For further information contact:
Mary-Lou Gallegos
Secretary
Offshore Group of Insurance Supervisors
E-mail: m.Gallegos@cimoney.com.ky
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