Fifteenth Working Meeting in United Kingdom

The Offshore Group of Insurance Supervisors ("the Group") held its 15th Annual Working Meeting in the United Kingdom, Haywards Heath from May 7th to May 9th 2008. Twelve jurisdictions were represented.

The meeting provided an opportunity for participants to share information about significant developments and items of interest, including regulatory issues 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. The group also agreed to begin a project to update and enhance its website

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 the training focused on Risk-based solvency and capital assessment for captives, and related issues.

Paul Brenchley, Manager Insurance and Prudential Policy Risk of the UK FSA gave a presentation on Solvency II and Proportionality during which he focused on the Implementation of the Proportionality principle in relation to small and medium sized general insurers and captive insurers.

Alastair Patterson, Associate, Wholesale Insurance Department also of the UK FSA focused on the implementation of Individual Capital Adequacy Standards ("ICAS") for small and medium sized general insurers and captive insurers. Finally, Harvey Duckers, Actuary, UK Government Actuaries Department gave his view on developments in risk-based solvency and capital assessment of life insurers, small and medium sized life insurers, international life insurers, variable life and annuity insurers.

The Group will hold a level two training programme in September of this year in the Cayman Islands, details of which will be soon made available on the Group’s website (www.ogis.net/).

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 has 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. For further information contact: Nataly Davelaar-Mercelina, Secretary Offshore Group of Insurance Supervisors E-mail: n.davelaar-mercelina@centralbank.an .