By Favour Nnabugwu
The nation’s number insurance man, Olorundare Sunday Thomas, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), has been elected the President of the Organization of African Insurance Supervisory Authorities (OAISA).
Thomas appointment became effective April 30, 2020; having been appointed in acting capacity in Aug 2019 following the expiration of the tenure of Mr M U Kari, the former Commissioner for Insurance
According to a statement yesterday by the Commission, Mr. Thomas’ election alongside his vice-president Mr. Issouf Traore of Cote D’ Ivoire was ratified at the general assembly of the body at Tunis, Tunisia recently.
The OAISA is an intergovernmental organization eligible for the rights and privileges granted by the 1961 Vienna Convention on Diplomatic Relations. It’s an organization saddled with the objects of promoting cooperation among African Insurance Supervisory Authorities to share experience in the effective supervision of the insurance industry in Africa for the development of Insurance Markets for the benefits and the protection of policyholders; contributing to capacity building and financial stability of the African Continent.
The newly elected officials of the Organization shall serve the continent for a period of two (2) years in the first instance, renewable once.
It’s imperative to note that Mr. Thomas was the pioneer chairman of the West Africa Insurance Supervisors Association, WAISA.
During these years, Mr Thomas had traversed the entire insurance sector in Nigeria leaving indelible marks along the way. It is instructive to note that Mr O. S. Thomas (as widely known) as Director-General of the Nigerian Insurers Association (NIA) between May 2010 and April 2017, brought his experience to bear on the job. It is to his credit that the Association successfully developed and deployed the Nigeria Insurance Industry Database (NIID) platform.
He holds a BSc (Hons) in Actuarial Science and an MBA in Finance both from the University of Lagos. He is also an Associate Member of the Chartered Insurance Institute, London and Nigeria, Member Society of Fellows of the CII London, Member, Nigeria Institute of Management among others.
Mr Thomas is a lover of Tennis and he is happily married with children.
