By Tony Obiechina, Abuja
The Commissioner for Insurance, Mr Sunday Thomas, has urged the College of Insurance Supervisors for West African Monetary Zone (CISWAMZ) to follow in the footsteps of similar global organisations, and be the beacon for efficient regulation and supervision of insurance institutions in the West African region.
Thomas who is also the Chairman, West Africa Insurance Supervisors Association (WAISA), gave the charge at the second meeting of CISWAMZ held in Abuja.
Urrging CISWAMZ to adopt the focus of other global institutions that have created protocols for insurance supervision and regulation, the CFI said, “documentation of your proceedings should be given priority as this will be point of reference for improved supervisory activities in the region.”
He said, “The International Association of Insurance Supervisors (IAIS), has provided a forum for members to share their experiences and understanding of insurance supervisory and insurance markets.
“Their experiences and practices led to the development of 26 Insurance Core Principles centred on regional and international cooperation.
“The ICP 25 is on supervisory cooperation and coordination (sectorial, regional and inter-regional) while ICP 26 is on cross border cooperation and coordination on crisis management”.
He also called on CISWAMZ to follow the example of the Financial Action Task Force (FATF) created in 1989, which “is an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorism finance”.
“The anti-money laundering body has developed 40 recommendations and 11 effective outcomes and there is no country that can achieve any reasonable progress in its effectiveness without actively belonging/or cooperating with other countries/ regional body in the implementation of their policies”, he added.
Mr Thomas said the setting up of CISWAMZ “is a good step in the right direction to forge synergy between/ among us for the goal of effective and efficient regulation and supervision of insurance institutions in our region.”
He cited the risks associated with the emerged global village, the development of information technology and the inter-global dynamics of business/organisation, as some of the reasons for inevitable regional cooperation.
Meanwhile, Nigeria has offered to assist member states of College of Insurance Supervisors for West African Monetary Zone (CISWAWZ) in developing their Risk Based Supervision (RBS) framework.
Mr. Agboola Pius of National Insurance Commission (NAICOM) made the offer in Abuja at the second meeting of CISWAWZ.
According to Pius, NAICOM is able to assist members of CISWAWZ because “hosting of the Regional RBS by NAICOM and Toronto Centre, Canada, in February has enriched our understanding of the Risk Based Supervision and/or Risk Based Capital”.
Nigeria, he said, “would be glad to share the RBS framework for insurers and reinsurers in Nigeria with member states”.
He also assured members of CISWAWZ that “Nigeria is ready and available to assist any member state in developing their RBS framework, RBS manual and for knowledge sharing”.
Pius, who chairs the College of Insurance Supervisors of West Africa, said the College was established to complement and implement the ideas, projects and directives of the parent body, the West African Insurance Supervisors Association (WAISA)”.
