By JEFF ADE

Nigeria’s National Insurance Commission (NAICOM) has hosted the Organisation of African Insurance Supervisory Authorities (OAISA) Annual General Assembly held in the country from April 16 to 20, 2024.

The Commissioner for Insurance Nigeria/President of OAISA, Mr. Olorundare Sunday Thomas, at the opening ceremony of the event on Thursday, April 18, 2024, identified OAISA 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. Its mission, he stated, 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.

In attendance were Commissioners of Insurance and Heads of Insurance Regulatory Institutions from 17 African Countries. The Organisation of African Insurance Supervisory Authorities is saddled with the development and harmonization of Regulations and Supervision of the insurance sector.

The CFI/NAICOM CEO said: “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 added: “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.

“Additionally, we will focus on crucial matters such as Anti-money Laundering, Combating the Financing of Terrorism, and Countering Proliferation Financing. These are areas where collaboration and 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.

“As we embark on this general assembly, I encourage us to actively participate, share insights, and contribute to the discussions that we hope will shape the future of insurance regulation and supervision in Africa.

“I believe that it is through these collaborative efforts, innovative solutions, and strategic partnerships that we will navigate the challenges and seize the opportunities that lie ahead.”

•A cross section of African insurance chiefs at the OAISA Annual General Assembly held April 16 – 20 in Lagos

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