By Henry Uche
Chairman of National Insurance Commission (NAICOM), Mr. Olorundare Thomas, has urged African insurance regulators to strive and safeguard the integrity of the industry in the region, as well as prioritise human capital development as a requisite to boost the sector.
In a welcome address during the General Assembly Meeting of the Organisation of African Insurance Supervisory Authorities (OAISA) held in Abuja recently, the Commissioner who doubles as the President of OAISA, equally challenged his counterparts to be dedicated and professional as well as leverage regional cooperation and harmony as they regulate and supervise their respective entities to strengthen the sector at regional level.
“OAISA stands as a beacon of regulatory excellence, entrusted with the formidable task of developing, harmonising insurance regulations and ensuring effective supervision of the insurance sector on the continent. Our mission is aimed not only to foster a fair, secure and stable insurance market but also to play a pivotal role in bolstering regional financial stability.
“I call for commitment towards developing our human resources and creating a platform for standardization of insurance laws, and supervisory structures; this is pertinent now than ever, especially in light of the ongoing implementation of the African Continental Free Trade Agreement (AfCFTA).
“AfCFTA presents immense opportunities for trade and economic integration across our continent. As insurance regulators, it is imperative that we work collaboratively to ensure that our regulatory frameworks align with the objectives of the AfCFTA in facilitating seamless trade,” he said.
Thomas re-emphasised the need to ensure the implementation of International Financial Reporting Standards as an essential step towards enhancing transparency, accountability and financial stability within their respective institutions.
He assured that the region would focus on crucial matters such as anti money laundering, combating the financing of terrorism and countering proliferation financing. He noted that expected results would not be attainable without collaboration and strategic initiative needed to safeguard the industry’s integrity, protect the interests of policyholders and stakeholders alike, aimed at shaping the trajectory of insurance governance across Africa.
“I believe that it is through these collaborative efforts, innovative solutions and strategic partnerships that we will navigate the challenges and seize the opportunities that lie ahead. Our mission is multifaceted, aiming not only to foster a fair, secure and stable insurance market, but also to play a pivotal role in bolstering regional financial stability,” he added.
In attendance were Commissioners of Insurance and Heads of Insurance Regulatory Institutions from Seventeen (17) African Countries. The Organisation of African Insurance Supervisory Authorities is saddled with the development and harmonization of Regulations and Supervision of the insurance.