College of Insurance Supervisors urged to harness fitting global standards for West Africa

The College of Insurance Supervisors for West African Monetary Zone (CISWAMZ) has been charged to follow in the footsteps of similar global organisations, and be the beacon for efficient regulation and supervision of insurance institutions in the West African region.

Commissioner for Insurance and Chairman, West Africa Insurance Supervisors Association (WAISA), Mr Sunday Thomas, gave the charge on Tuesday at the second meeting of CISWAMZ in Abuja.

While urging CISWAMZ to adopt the focus of other global institutions that have created protocols for insurance supervision and regulation, Nigeria’s CFI said, “Documentation of your proceedings should be given priority as this will be point of reference for improved supervisory activities in the region.”

The CFI said it was necessary to follow the protocol of global institutions which have become the rallying point for global practice. 

He said, “The International Association of Insurance Supervisors (IAIS), has provided a forum for members to share their experiences and understanding of insurance supervisory and insurance markets. Their experiences and practices led to the development of 26 Insurance Core Principles centred on regional and international cooperation.

“The ICP 25 is on supervisory cooperation and coordination (sectorial, regional and inter-regional) while ICP 26 is on cross border cooperation and coordination on crisis management”.

He also called on CISWAMZ to follow the example of the Financial Action Task Force (FATF) created in 1989, which “is an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorism finance. The anti-money laundering body has developed 40 recommendations and 11 effective outcomes and there is no country that can achieve any reasonable progress in its effectiveness without actively belonging/or cooperating with other countries/ regional body in the implementation of their policies.”

Mr Thomas said the setting up of CISWAMZ “is a good step in the right direction to forge synergy between/ among us for the goal of effective and efficient regulation and supervision of insurance institutions in our region.”

He cited the risks associated with the emerged global village, the development of information technology and the inter-global dynamics of business/organisation, as some of the reasons for inevitable regional cooperation.