Wednesday, June 25, 2008

Senior Management Changes in BVI FSC

BVI FSC published two press releases in June, the first one concerning completion of two five-year employee contracts with the Commission, and the second one announcing new appointments to Senior Management posts. Press release published on June 12, 2008 included information on Michael Oliver and Christopher Hill demitting the office during this month.

Mr. Oliver has served as director of insurance industry in BVI since 2003, and during his being in the post, the BVI has become the 4th largest jurisdiction for Captive Insurance. It is mentioned in the press release that in this post he established a number of Insurance Regulatory Training Initiatives not only for FSC but also for Insurance Regulators in the region. Mr. Oliver also played great role in the promotion of the BVI's new Insurance Act passed in the beginning of the year.

Mr. Hill was recruited as the BVI's first director of Insolvency Services, having the specific task of setting up the FSC's insolvency regime and implementing the provisions of Insolvency Act, 2003 – including recruitment and training of staff, designing systems and controls, advising on legislation and regulations and providing licenses to Insolvency Practitioners.

On June 19, 2008, the new appointments were announced: Mr. David Abednego was named as the new Acting Director of Insolvency services, while Mr. Elton Lettsome became the Acting Director of Insurance sector. Mr. Abednego is an attorney who was admitted to practice law in the BVI in 1998; in 2004 he started to work in the FSC, was assigned to the Insolvency Services Division in the role of Deputy Director, Insolvency Services and Deputy Official Receiver, and was the principal assistant to Mr. Hill. Now, in the role of Acting Director, Insolvency Services/Official Receiver, Mr. Abednego will lead the Commission's Insolvency Services Division and serve as the Territory's Official Receiver.

Mr. Elton Lettsome became associated with Insurance regulation in 1992, when he was recruited by the Ministry of Finance of BVI as an Assistant Regulator. Mr. Lettsome who holds a Bachelors of Science Degree in Finance from the University of Florida, has represented the Commission at various international insurance seminars, conferences and workshops.

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