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WAISA establishes College of Insurance Supervisors

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The West African Insurance Supervisors Association (WAISA) has established the College of Insurance Supervisors for the West African Monetary Zone (CISWAMZ). This followed the concurrence of the Committee of Governors of the West African Monetary Zone at their 43rd meeting on August 26, 2021.

Head, Corporate Communications and Market Development of NAICOM, Rasaaq Salami in a statement on Thursday in Abuja said that at the inaugural meeting of the CISWAMZ held on February, 22, 2022 Mr. Pius Agboola who is the Director, Inspectorate Directorate at the National Insurance Commission (NAICOM) Nigeria was elected as the Chairman of the new body.

The objective of the college is to strengthen cross border insurance supervision through information sharing and investigative assistance, which are in conformity with International Association of Insurance Supervision (IAIS) principles, minimizing fraudulent activities in the insurance sector in accordance with the Financial Action Task force (FATF) principles on Anti-Money laundering.

According to the statement, the “College of Insurance Supervisors of the WAMZ emphasizes on the important role of:

  1. fostering closer relationship by creating an enabling environment for the insurance sector to flourish most especially through collaboration and;
  2. Harmonization of regulatory standards;
  3. Increasing operation of cross border network by branches and/or offshore subsidiaries in the insurance sector;
  4. Adds a new dynamic dimension to the economies of countries.
  5. Enhance solo supervision of insurance entities by the competent authorities
  6. Fostering a better understanding of supervisory practices and more efficient and effective supervision, among others.”