Offshore Regulators Discuss Insurance Industry

by Amanda Banks, Tax-News.com, London

18 May 2011

Bermuda has played host to an important gathering of insurance regulators, where global regulatory issues, supervisory matters and significant jurisdictional developments were discussed.

Held by Bermuda's own regulatory body, the Bermuda Monetary Authority (BMA), the working group meeting of the Offshore Group of Insurance Supervisors (OGIS) took place from May 11-13. OGIS is an informal grouping of regulators representing domiciles engaged in the supervision of international insurance business. The meeting has been described by the BMA as three days in which active dialogue and learning took place.

Thirteen jurisdictions were represented by sixteen participants, who discussed an agenda including:

• An update on global regulatory issues;
• OGIS’s input to the work being conducted by the International Association of Insurance Supervisors committees on international regulatory standards;
• Roundtable discussions on supervisory issues; and
• Country reports on significant jurisdictional regulatory developments.

A one-day training event was also available to participants, with talks on reinsurance presented by members of both the BMA's team and representatives from Bermuda’s insurance industry. Shelby Weldon, Director of Insurance, Licensing and Authorisations at the Authority said of this initiative that: “The training element of the OGIS working group meeting is an integral part of the organization’s mandate. The topic of reinsurance is a natural fit for this year’s OGIS training programme, given Bermuda’s extensive experience in the reinsurance market."

More generally, Weldon said of the gathering: "Meetings of this kind are an important part of fostering supervisory cooperation, which is key to effective financial regulation. The number of jurisdictions from across the globe that sent representatives to this meeting is a clear demonstration of our collective commitment to this goal.”

David Vick, Chairman of OGIS, added: "International standards for the regulation of insurance business are undergoing a period of considerable change and it is very important that regulators have the opportunity to discuss the implications and consistent implementation of those changes. This working meeting provided an ideal forum in which to do that."

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