Finance Minister Commends WAISA Over Establishment Of CISWAMZ
Some faces at the just concluded WAICA Conference and 50th anniversary celebration in Lagos.
The Minister of Finance, Budget and National Planning, Dr. Zainab Shamsuna Ahmed, has commended West African Insurance Supervisors Association (WAISA) on the establishment of the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ).
The Minister made the commendation In her opening address at the just concluded West African Insurance Companies Association (WAICA) conference and 50th anniversary which took place in Lagos.
Ahmed, who was represented by the commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr. Sunday Thomas, said, she was
pleased with the stride so far achieved by the Association as regards the establishment of the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ) in February, 2022.
She said it has become imperative for the Insurance supervisory systems and practices to continually upgrade in order to cope with these developments to mitigate possible financial and systemic stability concerns arising from the insurance sector as they emerge.
According to her, at this juncture, I am pleased with the stride so far achieved by the West African Insurance Supervisors Association (WAISA) with regards the establishment of the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ) in February, 2022 as we are aware that the college is saddled with the objectives of strengthening cross border insurance supervision through creation of an enabling environment via synergies for the insurance sector to flourish.
The Minister said there was need for harmonization of regulatory standards; increased operation of cross border network by branches and/or offshore subsidiaries in the insurance sector; 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.
“I wish to state that insurance in the whole of Africa has been characterized by low penetration and poor contribution to most African countries financial growth, therefore maintaining efficient, fair, safe and stable insurance market in the West African sub region must be promoted for the benefit of the policyholders and other stakeholders.
“As an optimist, we are encouraged to believe in a new dawn, leveraging technological innovations, and a positive paradigm shift focused and poised to meet the anticipated surge in the demand and untapped side. I therefore urge the delegates here present to deliberate and recommend ways of repositioning the insurance industry in West Africa for Global Competitiveness,” the urged.
