The Offshore Group of Insurance Supervisors (“the Group”) held its 14th Annual Working Meeting in Guernsey from May 15th to May 18th 2007. Thirteen jurisdictions were represented.  

The meeting provided an opportunity for participants to share information about significant developments and items of interest, including regulatory problems in their respective jurisdictions. The Group also received an update about the on-going work of the various committees of the International Association of Insurance Supervisor and the Group’s input to several of these IAIS committees.  This included a discussion about the ongoing development of the  IAIS’ Captive Guidance Paper. Luc Cardinal of the IAIS secretariat gave an overview of other developments at the IAIS and emphasised the importance and benefits of maintaining a close relationship between the IAIS and the Group. The Group also received a presentation by Peter van den Broeke, chairman of the IAIS Corporate Governance Task Force on the work done by this task force on corporate governance issues.  

Immediately following this meeting, the Group conducted a level three training programme for senior supervisors at the same venue. This training programme was instituted by the Group in 2005 and on this occasion topics included the use of Special Purpose Vehicles and also current developments in the reinsurance market. The Group will hold a level two training programme in September of this year, details of which will be soon made available on the Group’s website (www.ogis.net/) .