The West Africa Supervisors Association (WAISA) has established the College of Insurance Supervisors for the West African Monetary Zone (CISWAMZ).
The Committee of Governors of the West African Monetary Zone at its 43th meeting on August 26, 2021, sealed the groundbreaking ceremony for the establishment.
In the statement by National Insurance Commission (NAICOM) Head, Corporate Communication and Market Development, Rasaaq Salami, it was outlined that CISWAMZ with Nigeria’s Pius Agboola, NAICOM Director, Inspectorate Directorate as the Chairman, has the mandate to enhance multilateral cooperation and promotion of international standards in fostering favourable investment environments and orderly markets in the West African sub-region and beyond.
NAICOM, while further stating the need for the body, said CISWAMZ would assist the insurance industry respond to a wide range of social and economic forces; particularly, insurance-linked financial activities that are increasingly crossing national and sectorial boundaries.
Reviewing the broader picture, NAICOM said: “The efficient and timely exchange of information among supervisory bodies, both within the insurance sector and across the financial services sector within the West African sub-region is critical to the effective supervision of internationally active insurers, insurance groups and financial conglomerates which is also essential in the context for the effective supervision of the financial system as a whole.”
On the continental space, Salami pointed out that CISWAMZ queues behind the African Continental Free Trade Agreement (AfCFTA) to achieve a single market for goods and services, deepen the economic integration and prosperity on the continent as well as boosting Africa’s trading position in the global market by strengthening Africa’s common voice and policy space in global trade negotiations.
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WAISA establishes college of insurance supervisors
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