By Favour Nnabugwu
The Organisation of African Insurance Supervisory Authorities (OAISA) has made preparations to launch Anti-money laundering, combating financing of terrorism and countering proliferation financing.
Those are areas where the OAISA need collaboration strategic initiatives are paramount in safeguarding our industry’s integrity and protecting the interests of
policyholders and stakeholders alike, shaping the trajectory of insurance
governance across Africa.
The association was on Wednesday hosted by the National Insurance Commission, Naicom in Abuja.
The Commissioner for Insurance Nigeria/President of OAISA Mr. Olorundare Sunday Thomas at the opening ceremony stated that OAISA stands as a beacon of regulatory excellence, entrusted with the formidable task of developing and harmonizing insurance regulations, while ensuring effective supervision of the insurance sector on the Continent
“Additional, we will focus on crucial matters such as Anti-money Laundering,
Combating the Financing of Terrorism, and Countering Proliferation Financing. strategic initiatives are paramount in safeguarding our industry’s integrity and protecting the interests of policyholders and stakeholders alike, shaping the trajectory of insurance governance across Africa”.
“Its 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”.
According to him, “OAISA stands as a beacon of regulatory excellence, entrusted with the formidable task of developing, harmonizing insurance regulations and ensuring effective supervision of the insurance sector on the Continent. Our missions are aimed not only to foster a fair, secure, and stable insurance market but also to play a pivotal role in bolstering regional financial stability”
“It is also worthy to mention members commitment in developing our human
resources and creating a platform for standardization of insurance laws,and
supervisory structures is more pertinent than ever, especially in light of the
ongoing implementation of the African Continental Free Trade Agreement
(AfCFTA)”.
The 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 stated, “The Nigerian insurance industry’s efforts in the development of the market is an all inclusive one. It includes; creation of avenues,deepening of insurance penetration; increasing access to insurance products via digital platforms,and increasing visibility of insurance.
He continued, “Consequently, the Commission in its effort to open up the market across the geopolitical zones where insurance penetration is perceived to be very low has implemented various market developmental initiatives to lift the insurance sector.
Above all the President noted, “We have a robust agenda for this assembly that reflects our commitment to addressing critical issues facing the insurance sector, one of which we will be implementation of International Financial Reporting Standards, an essential step towards enhancing transparency,accountability and financial stability within our institutions.
