The Vanuatu Financial Services Commission is pleased to announce the admission of Vanuatu as a full member of the Offshore Group of Insurance Supervisors (OGIS). The Chairman of OGIS, Mr. David Vick announced on 26 February 2009 that Vanuatu and Bermuda’s applications for full membership were approved by a special Extra Ordinary General Meeting of OGIS in December 2008.

Vanuatu had been an observer of OGIS for the last six years and its admission to full membership recognizes the results that Vanuatu has achieved over the past five years from introducing a new Insurance Act in 2005 (followed by Regulations and Guidelines to training and capacity building of its supervisors) to improve and strengthen the licensing and supervisory regimes of its insurance industry.

Vanuatu joins Samoa from the Pacific region to become members of this OGIS

Founded in March 1993, the OGIS is an informal grouping of regulators representing domiciles engaged in the supervision of international insurance business. Formed under a written Constitution, the Group is made up of Members and Observers and has strict criteria which must be met for membership. Currently, representatives from the Isle of Man serve as Chairman of the Group and Netherlands Antilles as Secretary.

OGIS exists -

• As a discussion forum
• As a conduit to raising standards of regulation and supervision
• As a training forum
• As a representative body at international insurance forums.

OGIS meets twice a year. A Working Meeting is held over a period of 3 days, to discuss major issues and a more formal Annual General Meeting is held to ratify the adoption of Technical Papers and to pass any formal business.

OGIS membership provides a unique facility for offshore jurisdictions to exchange information and share in the experiences of other members, and allows less developed jurisdictions to aspire to the highest international standards of insurance regulation. Related to that, less developed jurisdictions can benefit from formal Training courses. OGIS has an Education sub-Committee to concentrate on this vital and valuable area.

An increasing membership is of value to all Members and one of the aims of OGIS is to persuade jurisdictions which are involved in offshore insurance, but which are not currently Members or Observers, to take advantage of what OGIS has to offer and to contribute to its work by becoming members.

2009: 16th March

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Last Updated on Friday, 08 July 2011 15:09