CISWAMZ Honours NAICOM CEO, Director
L-R: Commissioner of Insurance, The Gambia, Pa Allieu Sillah, who doubles as current Chairman of WAISA and CISWAMZ; Commissioner for Insurance/CEO National Insurance Commission (NAICOM), Nigeria Olorundare Sunday Thomas and the Director-General of West African Monetary Institute (WAMI), Olorushola Olowofeso during the presentation of Award of Recognition to CFI, Nigeria at CISWAMZ meeting in Abuja today May 16, 2023.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Nigeria, Mr. Olorundare Sunday Thomas, has been honoured by the College of Insurance Supervisors of West African Monetary Zone (CISWAMZ) with an award of recognition at the ongoing 5th meeting of the College today in Abuja.
The award, according to CISWAMZ, is in recognition of Mr. Thomas’s pioneering role in the establishment and eventual take-off of the college as Chairman of the West Africa Insurance Supervisors Association (WAISA).
Also honoured is Mr. Pius Agboola, the Director Inspectorate at NAICOM who served as the pioneer Chairman of the College.
The College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ) was established by the West African Insurance Supervisors Association (WAISA) in February, 2022 with the objectives of strengthening cross border insurance supervision through: creation of an enabling environment via synergies for the insurance sector to flourish; harmonization of regulatory standards; Increasing operation of cross border network by branches and/or offshore subsidiaries in the insurance sector.
Other mandates of the college include: enhancing solo supervision of insurance entities by the competent authorities; facilitating group wide supervision and minimizing fraudulent activities in the insurance sector in accordance with the Financial Action Task Force (FATF) principles on Anti-Money laundering amongst others.
The College was established to Complement and implement the ideas, projects and directives of the parent body – WAISA.
