Head of Insurance Supervision at the Cayman Islands Monetary Authority, Mrs. Mary-Lou Gallegos travelled to the Isle of Man May 4-6 to attend the Annual Working Meeting of the Offshore Group of Insurance Supervisors ("OGIS" or "the Group").
The 14 jurisdictions represented at the meeting, approved a Guidance Paper titled, "The regulatory issues for variable life and variable annuity products", and made preparations for a new three-year training plan which is expected to be adopted at the OGIS Annual General Meeting that will be held in Amman, Jordan in October.
The Group also discussed the ongoing assessments of OGIS members by the International Monetary Fund ("the IMF"). To date, fifteen members, including the Cayman Islands, have undergone assessments, and the Group was especially encouraged by an update released by the IMF on March 12, 2004, which stated that "compliance levels for the Offshore Financial Centre are, on average, more favourable than those for other jurisdictions assessed by the Fund in its financial sector work. The higher financial standard compliance rates of the OFCs reflect in part higher income levels of the OFCs and their concerns to protect their reputation."
The new insurance core principles, which were recently expanded by the International Association of Insurance Supervisors (IAIS), also formed part of the discussion.
Mrs. Gallegos, who has served as the Secretary for OGIS for the past seven years, remarked, "Membership with international decision-making groups like OGIS are extremely beneficial to the Cayman Islands because it affords us the opportunity to remain abreast of global initiatives, and ensures that we have a voice in the development of international regulatory standards."