CAPTION
Alhaji Kaddunabi Ibrahim Lubega
By Favour Nnabugwu
Member countries of the East Africa Insurance Supervisor Association (EAISA) are to harmonise their legal and regulatory frameworks to provide a unified foundation by September 2025
They are to develop and adopt risk management and solvency standards by June 2025 to ensure insurers across the region maintain adequate financial reserves.
EAISA members agreed to collaborate on promoting cross-border insurance products and services, to tackle low insurance uptake and penetration in the region.
EAISA members also agreed to employ a joint approach to supervise systemically important insurance groups, monitor cross-border industry stability and coordinate the establishment of insurance supervisory colleges.
Speaking on behalf of all EAISA members, the Exco chairman Alhaj Kaddunabi Ibrahim Lubega, who is also CEO of Uganda’s Insurance Regulatory Authority, pointed out the importance of coordinated regional initiatives, relating to research and development for effective policy development and implementation.
“EAISA is committed to building capacity across the member countries, as we seek to implement industry integration initiatives,” he stated.
It also aims to develop and adopt regional frameworks for financial literacy, risk-based supervision, certifying insurance professionals and actuaries, and market conduct and insurance claims guidelines.
