The West African Insurance Supervisors Association (WAISA) has established the College of Insurance Supervisors for the West African Monetary Zone (CISWAMZ) in Ghana.
Mr. Rasaaq Salami, Head, Corporate Communications and Market Development, National Insurance Commission (NAICOM) announced this in a statement made available on Thursday in Lagos.
Salami said that the establishment of the College followed the concurrence of the Committee of Governors of the West African Monetary Zone at their 43rd meeting held on August 26, 2021.
He stated that Mr. Pius Agboola, who is the Director, Inspectorate Directorate at NAICOM, was elected as the Chairman of the new body.
Salami explained that the college was established to strengthen cross-border insurance supervision through information sharing and investigative assistance.
These, he said, are in conformity with the International Association of Insurance Supervision (IAIS) principles.
He said the college would also minimize fraudulent activities in the insurance sector in accordance with the Financial Action Taskforce (FATF) principles on Anti-Money laundering.
Salami stated that the regulators of CISWAMZ are active members of the African Insurance Organisation (AIO) and the IAIS.
He said they thus recognize the importance of these arrangements for cooperation and information sharing amongst the six insurance regulators (Gambia, Ghana, Guinea, Liberia, Nigeria, and Sierra Leone).
“The important role that CISWAMZ will play includes; fostering closer relationships by creating an enabling environment for the insurance sector to flourish most especially through collaboration and harmonization of regulatory standards.”
“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.”
“This is facilitated by movement of persons in order to deepen the economic integration and prosperity on the continent, as well as boost Africa’s trading position in the global market by strengthening Africa’s common voice and policy space in global trade negotiations,” he said.
Salami noted that CISWAMZ was expected to enhance multilateral cooperation and promotion of international standards in fostering favourable investment environments and orderly markets in the West African sub-region and beyond.
The NAICOM spokesman said that the insurance industry, like other components of the financial system, was changing in response to a wide range of social and economic forces.
Salami said:” In particular, insurance and insurance-linked financial activities are increasingly crossing national and sectoral boundaries.”
“Consequently, the efficient and timely exchange of information among supervisory bodies, both within the insurance sector and across the financial services sector within the West African sub-region is critical to the effective supervision of internationally active insurers.
“Also, insurance groups and financial conglomerates, which is also essential in the context for the effective supervision of the financial system as a whole.