BVI FSC Reshuffles Senior Management

by Amanda Banks, LawAndTax-News.com, London

25 June 2008

The British Virgin Islands Financial Services Commission (FSC) has announced that Michael Oliver and Christopher Hill, Directors of Insurance and Insolvency Services respectively, will depart the FSC during June after successfully completing their five year contracts with the regulator.

The FSC explained that Oliver has served as Director, Insurance since 2003 and brought a wealth of insurance industry experience to the FSC. During his tenure, the BVI has become the 4th largest Domicile for Captive Insurance.

Oliver was particularly instrumental in establishing a number of Insurance Regulatory Training Initiatives for not only the FSC but also for Insurance regulators throughout the region, the Commission explained, adding that he played a crucial role in the development of the BVI’s new Insurance Act which is designed to enhance the BVI’s insurance offering.

Speaking on his experience in the BVI, Oliver stated that:

“It has been a great pleasure to have worked in the BVI with the Commission during the past five years at a time when the insurance industry, both domestic and offshore, has continued to see substantial growth."

“This growth in business has also been accompanied by a growth in the number of regulators within the Commission. Although many have been new to insurance and regulation it has been pleasing to me to assist them in their development and to watch as several have obtained professional qualifications that demonstrate their competence in their roles."

Meanwhile Hill, who like Oliver, was also recruited by the FSC in 2003, has served as the FSC’s Director of Insolvency Services as well as the Territory’s Official Receiver.

Hill was recruited following the passage of the hallmark Insolvency Act, 2003. As the Territory’s first Director of Insolvency Services, he was specifically tasked with setting up the FSC’s Insolvency Regime and implementing the provisions of the Act. This included recruitment and training of staff, designing systems and controls, advising on legislation and regulations and licensing Insolvency Practitioners.

Regarding his departure, Hill remarked that:

“It has been pleasing to see the new insolvency legislation come into force and applied constructively over the last four years. The regime, supported by an excellent regulatory framework which has proved to be appropriate for the BVI environment, can be said to have come of age. Practitioners, lawyers, the judiciary and, where needed, the Official Receiver’s office combine to provide the solutions for which the legislation was drafted."

"It has contributed to the Territory’s continuing development as an international financial centre by providing an essential safety net for those doing business with BVI companies."

" I have no doubt that the regime will continue to be an important part of the legislative armoury. I am proud to have played a part in putting the framework together and congratulate my successors on their appointment, wishing them the best of success in their new role."

The FSC has announced that David Abednego and Elton Lettsome will become the regulator's Acting Directors of Insolvency Services and Insurance respectively.

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