At a working conference of the Group of Cross Border Insurance Supervisors held in Barbados on 31st May and 1st June 1997, insurance supervisors reached agreement on a statement of principles for applying fit and proper criteria to persons involved in insurance operations within their jurisdictions.
This is seen as a major step in ensuring consistency in the effective supervision of insurance operations by member jurisdictions. The Group is conscious of the danger that differing standards between Group members will result in supervisory arbitrage.
The statement of principles, which is annexed to this release, includes the following:
"The insurance supervisor should not look for evidence that the person at least meets a minimum standard but rather it should look for evidence that the person meets a high standard. This is because, in the context of the provision of financial services, the person concerned will almost invariably occupy a position of trust for the money, other
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