{"id":18999,"date":"2022-04-15T15:53:32","date_gmt":"2022-04-15T15:53:32","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=18999"},"modified":"2022-04-15T15:56:57","modified_gmt":"2022-04-15T15:56:57","slug":"waisa-establishes-college-of-insurance-supervisors","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/04\/15\/waisa-establishes-college-of-insurance-supervisors\/","title":{"rendered":"WAISA establishes College of Insurance Supervisors"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The West African Insurance Supervisors Association (WAISA) has established the College of Insurance Supervisors for the West African Monetary Zone (CISWAMZ) in<\/span><a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/04\/13\/nysc-d-g-receives-fellowship-award-from-ghanaian-institute\/\"><span style=\"font-weight: 400\"> Ghana<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Mr. Rasaaq Salami, Head, Corporate Communications and Market Development, National Insurance Commission (NAICOM) announced this in a statement made available on Thursday in Lagos.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">He stated that Mr. Pius Agboola, who is the Director, Inspectorate Directorate at NAICOM, was elected as the Chairman of the new body.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Salami explained that the college was established to strengthen cross-border insurance supervision through information sharing and investigative assistance.<\/span><\/p>\n<p><span style=\"font-weight: 400\">These, he said, are in conformity with the International Association of Insurance Supervision (IAIS) principles.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Salami stated that the regulators of CISWAMZ are active members of the African Insurance Organisation (AIO) and the IAIS.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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).<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cThe 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.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cThe 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.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cThis is facilitated by movement of persons in order to deepen the economic integration and prosperity on the continent, as well as boost Africa\u2019s trading position in the global market by strengthening Africa\u2019s common voice and policy space in global trade negotiations,\u201d he said.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Salami said:\u201d In particular, insurance and insurance-linked financial activities are increasingly crossing national and sectoral boundaries.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cConsequently, 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.<\/span><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cAlso, insurance groups and financial conglomerates, which is also essential in the context for the effective supervision of the financial system as a whole.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":19026,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[19],"tags":[288,4261,4260],"class_list":["post-18999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-ghana","tag-naicom","tag-west-african-insurance-supervisors-association-waisa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>WAISA establishes College of Insurance Supervisors &#187; BROAD NEWS \u2014 WITHIN NIGERIA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/04\/15\/waisa-establishes-college-of-insurance-supervisors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WAISA establishes College of Insurance Supervisors\" \/>\n<meta property=\"og:description\" content=\"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 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/04\/15\/waisa-establishes-college-of-insurance-supervisors\/\" \/>\n<meta property=\"og:site_name\" content=\"BROAD NEWS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-15T15:53:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-15T15:56:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/broadnews\/wp-content\/uploads\/sites\/11\/INSURANCE.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"850\" \/>\n\t<meta property=\"og:image:height\" content=\"385\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Caleb Ijioma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Caleb Ijioma\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/2022\\\/04\\\/15\\\/waisa-establishes-college-of-insurance-supervisors\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/2022\\\/04\\\/15\\\/waisa-establishes-college-of-insurance-supervisors\\\/\"},\"author\":{\"name\":\"Caleb Ijioma\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/#\\\/schema\\\/person\\\/4292f97d881ddced6dd70acdf5189fe8\"},\"headline\":\"WAISA establishes College of Insurance Supervisors\",\"datePublished\":\"2022-04-15T15:53:32+00:00\",\"dateModified\":\"2022-04-15T15:56:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/2022\\\/04\\\/15\\\/waisa-establishes-college-of-insurance-supervisors\\\/\"},\"wordCount\":455,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/2022\\\/04\\\/15\\\/waisa-establishes-college-of-insurance-supervisors\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/wp-content\\\/uploads\\\/sites\\\/11\\\/INSURANCE.jpg\",\"keywords\":[\"Ghana\",\"NAICOM\",\"West African Insurance Supervisors Association (WAISA)\"],\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/2022\\\/04\\\/15\\\/waisa-establishes-college-of-insurance-supervisors\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/2022\\\/04\\\/15\\\/waisa-establishes-college-of-insurance-supervisors\\\/\",\"url\":\"https:\\\/\\\/www.withinnigeria.com\\\/broadnews\\\/2022\\\/04\\\/15\\\/waisa-establishes-college-of-insurance-supervisors\\\/\",\"name\":\"WAISA establishes College of Insurance Supervisors &#187; 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