Insurance regulators put heads together at sub-Sahara seminar in Windhoek
Synchronising regulatory frameworks for the insurance industry came under the spotlight recently when regulators from eleven African countries and Mauritius convened in Windhoek for a regional seminar hosted by the Namibia Financial Institutions Supervisory Authority, Namfisa.
Commending the wide ranging contributions from all delegates, Namfisa Chief Executive, Mr Kenneth Matomola urged his fellow regulators to continue to discharge their roles and responsibility with “diligence, duty and care for the benefits of the citizenry of sub-Sahara Africa.”
This first cross-border insurance regulatory seminar was organised in conjunction with the International Association of Insurance Supervisors (IAIS) of which Namibia is an associate, and the Financial Stability Institute.
Seminar presentations and discussions investigated cooperation among regulators and the sharing of supervisory experience under the theme “Corporate Governance and Risk Management” based on the requirements of Insurance Core Principles (ICP) and other international best practice of Enterprise Risk Management, Corporate Governance and Supervisory intervention as applicable to non-banking financial institutions.
Matomola said “Insurance plays a pivotal role in the economic development of any country by offering protection from risks. As you may be aware, insurance is crucial in the promotion of financial stability as it cushion the losses or harms that befalls individuals, firms and institutions that participate in the real sector of the economy. Similarly, insurance encourages investment and creation of wealth, and complements governmental social security programmes. In spite of its roles in the facilitation of trade and commerce, insurance is a counterpart of other sub-sectors of the financial system such of the capital markets and banking.”
Established in 1994, the International Association of Insurance Supervisors is a voluntary member-based organization of insurance supervisors and regulators from more than 200 jurisdictions, constituting 97% of the world’s insurance premiums.
Mr. Pa Alieu Sillah, Commissioner of the Central Bank of Gambia Insurance and Pension Commission stated“I am impressed by how the different regulators share lessons learnt and how the experience will improve regulations and supervision.”
In addition to the Namfisa participants, other delegates represented regulators in Botswana, Gambia, Ghana, Lesotho, Malawi, South Africa, Swaziland, Zambia, Zimbabwe and Mauritius.