NAMFISA’s Gariseb appointed to International Forum on Global Risk-Based Solvency Implementation
Namibia Financial Institutions Supervisory Authority (NAMFISA) this week announced that Erich Gariseb, General Manager for Insurance and Medical Aid Funds at AMFISA, has been granted a position on the International Association of Insurance Supervisors’ (IAIS) Risk-Based Solvency Implementation Forum.
The primary objective of the Risk-Based Solvency Implementation Forum is to support Emerging Markets and Developing Economies (EMDEs) in enhancing their adherence to IAIS supervisory guidelines.
This includes fortifying members’ supervisory frameworks, especially as they navigate the intricacies of implementing risk-based solvency regimes. The Forum is instrumental in offering guidance to EMDE regulators on practical aspects of implementing such regimes while fostering an exchange of experiences among regulators on the transition to, and technical aspects of, risk-based solvency frameworks.
Gariseb’s extensive industry background, including his previous roles with the Johannesburg Stock Exchange (JSE) and London Stock Exchange-listed financial services companies, positions him well to contribute to advancing supervisory material and strengthening members’ frameworks. This is particularly crucial during the transition towards risk-based solvency regimes.
CEO of NAMFISA, Mr. Kenneth Matomola, highlights the significance of Gariseb’s appointment, stating, “As the Namibian non-bank financial services sector undergoes its transition from a Compliance-based Supervisory Framework to a Risk-based Supervisory Framework, having Erich Gariseb on the IAIS’ Forum holds immense benefits for the country.” Matomola expresses confidence that Gariseb’s experience will not only contribute to the global discourse on risk-based solvency but will also directly benefit Namibia as it navigates its regulatory transition.
Gariseb expressed his honour in representing NAMFISA at the Forum, emphasizing that Namibia’s transition aligns with international trends. He looks forward to collaborating with global experts and making a meaningful contribution to the global dialogue on risk-based solvency frameworks.
NAMFISA extended its congratulations to Gariseb, affirming its commitment to supporting initiatives that foster international cooperation, harmonization, and the strengthening of the regulatory landscape for the benefit of policyholders and insurers.
The IAIS, established in 1994 and headquartered in Basel, Switzerland, is a global standard-setting body for insurance regulators and supervisors from over 200 jurisdictions, representing 97% of the world’s insurance premiums.
The IAIS’s mission is to promote effective and globally consistent supervision of the insurance industry, ensuring fair, safe, and stable insurance markets for the benefit and protection of policyholders and contributing to global financial stability.
