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| Offshore Regulators Discuss Insurance Industry |
by Amanda Banks, Tax-News.com, London
Wednesday, May 18, 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."
A comprehensive report in our Intelligence Report series
which studies the 20 main offshore jurisdictions which offer captive insurance
regimes is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report11.asp
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