Home Insurance Digest …Signs MoU with W/A peer insurance regulators

…Signs MoU with W/A peer insurance regulators

The National Insurance Commission (NAICOM) has signed a Multilateral Memorandum of Understanding (MoU) with Anglophone West African countries for the establishment of the West Africa Insurance Supervisors Association (WAISA).
Commissioner for Insurance, Alhaji Mohammed Kari, in his welcome address expressed appreciations to his fellow Commissioners from Ghana, Sierra Leone, Liberia and The Gambia for their support, dedication and commitment in reaching a conclusion on the multilateral agreement.
Alhaji Kari emphasised that WAISA would help in fostering strong cross border supervision of insurance companies through information sharing and investigative assistance in accordance with the principles of International Association of Insurance Supervisors (IAIS), noting that information sharing, capacity building and supervision is the key to financial growth and stability.
The Commissioner also stressed the importance of the role of supervisory authority most especially in minimizing fraudulent activities in the insurance sector in accordance with the Financial Action Task force (FATF) principles on Anti-Money laundering.
Mohammed Kari listed some of the gains of the MOU to include fostering closer relationship and promoting cooperation among the insurance regulators in the sub-region for efficiency and effectiveness.
In her remarks, Miss Lydia LarabaBawa, Commissioner of Insurance, Ghana described the signing of the MoU as one that would enhance development of the insurance sector within the West African sub-region and facilitate group-wide supervision.
The Commissioner of Insurance, Sierra-Leone Augustus Kanu in his remarks noted that the MoU will not only help in fostering closer cooperation, but the harmonization of regulatory activities in the sub- region.
The Permanent Secretary, Federal Ministry of Finance Anastasia Daniel-Nwaoba who was represented by the Director, Home Finance KalliZaji, highlighted the importance of insurance in the economy; saying that the MOU among the regulatory agencies in the West African sub-region would help in creating an enabling environment for the insurance sector to flourish most especially through collaboration and harmonization of regulatory standards

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