By Rosemary Iwunze
The Director, Inspectorate Directorate at the National Insurance Commission, NAICOM, Mr. Pius Agboola, has been elected the Chairman of the College of Insurance Supervisors for the West African Monetary Zone, CISWAMZ.
NAICOM explained in a statement that the objective of the college is to strengthen cross border insurance supervision through information sharing and investigative assistance, which are in conformity with International Association of Insurance Supervision (IAIS) principles, minimizing fraudulent activities in the insurance sector in accordance with the Financial Action Task-force (FATF) principles on Anti-Money laundering.
NAICOM said: “The College of Insurance Supervisors of the WAMZ emphasizes on the important role of fostering closer relationship by creating an enabling environment for the insurance sector to flourish most especially through collaboration and; harmonization of regulatory standards; increasing operation of cross border network by branches and/or offshore subsidiaries in the insurance sector; adding new dynamic dimension to the economies of countries; enhance solo supervision of insurance entities by the competent authorities; fostering a better understanding of supervisory practices and more efficient and effective supervision.”
NAICOM stated that the regulators are active members of African Insurance Organisation (AIO) and the IAIS thus recognize the importance of these arrangements for cooperation and information sharing amongst the six insurance regulators (Gambia, Ghana, Guinea, Liberia, Nigeria, Sierra-Leone).
“The importance of CISWAMZ is further buttressed by the overarching objective behind the African Continental Free Trade Agreement (AFCFTA) by accelerating intra-African trade and providing a single market for goods and services, facilitated by movement of persons in order to deepen the economic integration and prosperity on the Continent as well as boosting Africa’s trading position in the
Global market by strengthening Africa’s common voice and policy space in global trade negotiations.