1. International Insurance Regulation
Michael Oliver
Director of Insurance
Financial Services Commission
British Virgin Islands
Financial Services Commission

2. International Regulatory Bodies
International Association of Insurance Supervisors (IAIS)
Offshore Group of Insurance Supervisors (OGIS)
Financial Services Commission

3. Financial Services Commission
IAIS
Established in 1994
First supervisory principles – 1997
Began work with IMF on FSAPs – 1999
Core Principles (17) established in 2000
Revised Core Principles (28) in 2003
180 member jurisdictions
Observers allowed since 1999 – Now 100
Financial Services Commission

4. Financial Services Commission
Role of IAIS
Aim – Promotion of Financial Stability
International Regulatory Setting Body
Issues Principles, Standards and Guidance
Promotes International Cooperation
Liaises with other financial sector standard setting bodies
Financial Services Commission

5. Financial Services Commission
IAIS Structure
About 20 IAIS Committees and Subcommittees
BVI is a member of two subcommittees:
Insurance Fraud Subcommittee drafts papers on prevention of insurance fraud & guidance on AML/CFT
Regional Coordinators – Coordinates for Offshore and Caribbean regional regulatory training & provision of technical assistance
Financial Services Commission

6. Financial Services Commission
OGIS
Established in 1993
14 Members
6 Observers (All Regulators)
Objectives:
Promote the proper supervision of offshore insurance business
Formulate regulatory policies for offshore insurance business
Assist non members to establish appropriate supervisory regimes
Represent OGIS at international fora
Financial Services Commission

7. Financial Services Commission
OGIS
BVI Chairman of:
Evaluation Committee – Assesses compliance of members/observers and new applicants with insurance core principles
Education Committee – Organises and implements annual training programme
Financial Services Commission

8. IAIS Insurance Core Principles
ICP 1 – Conditions for Effective Insurance Supervision – Institutional and Legal Framework
ICPs 2 to 5 – The Supervisory System – Powers and Conduct of the Supervisory Authority
ICPs 6 to 10 – The Supervised Entity – Licencing and Governance of the Insurer
ICPs 11 to 17 – On-going Supervision – Monitoring, Inspections, Enforcement Action and Winding Up.
ICPs 18 to 23 – Prudential Requirements – Risk Assessment and Capital Adequacy
ICPs 24 to 27 – Markets and Consumers – Intermediaries, Consumer Protection and Disclosure
ICP 28 – Anti-Money Laundering and Combating the Financing of Terrorism
Financial Services Commission

9. IAIS Current Activities
International Financial Reporting Standards – Working with IASB.
Solvency – Common methodology for assessing insurer solvency. Focus on:
Risk management
Insurer governance
Reinsurance
Finite Reinsurance
Mutual Recognition
Reinsurance transparency
Multi-Lateral Memorandum of Understanding
Financial Services Commission

10. OGIS Current Activities
Captive Issues Paper
Demystifying captives
Why might regulatory touch differ?
Financial Services Commission

11. International Insurance Regulation
Michael Oliver
Director of Insurance
Financial Services Commission
British Virgin Islands
Financial Services Commission