The Namibia Financial Institutions Supervisory Authority (Namfisa), hosted Namibia’s first cross-border insurance regulatory and supervisory regional seminar with the International Association of Insurance Supervisors (IAIS) and Financial Stability Institute.
The seminar was attended by other countries including; Botswana, Gambia, Ghana, Lesotho, Malawi, Mauritius, South Africa, Swaziland, Zambia and Zimbabwe.
It was aimed at co-operation and sharing of supervisory experiences with fellow Regulators of Insurance and other non-banking financial services sectors in the region.
Themed under “Corporate Governance and Risk Management” the curriculum of the Seminar was centred on the requirements of Insurance Core Principles (ICP’s) and other international best practice principles in respect of Enterprise Risk Management, Corporate Governance and Supervisory intervention tools pertaining to the nonbanking financial institutions.
Speaking at the closing ceremony, Namfisa Chief Executive Officer, Kenneth Matomola, said, “Insurance plays a pivotal role in the economic development of any country by offering protection from risks. As you may be aware, insurance is crucial in the promotion of financial stability as it cushion the losses or harms that befalls individuals, firms and institutions that participate in the real sector of the economy.
He added that, “Similarly, insurance encourages investment and creation of wealth, and complements government social security programmes. In spite of its roles in the facilitation of trade and commerce, insurance is a counterpart of other sub-sectors of the financial system such of the capital markets and banking
“It against this aforementioned statements that I would like to urge you my fellow regulators to continue to discharge your roles and responsibility with diligence, duty and care for the benefits of the citizenry of sub-Saharan Africa.”
IAIS is a voluntary membership organization of insurance supervisors and regulators from more than 200 jurisdictions, constituting 97% of the world's insurance premiums.
It was established in 1994 and its mission is to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders and to contribute to global financial stability.
Commissioner of the Zimbabwean Insurance and Pensions Commission (IPEC), Tendai Karonga, described the seminar “as a step in the right direction in ensuring that regulators are synchronised in terms of ensuring that regulation and supervision is effective.”
Commissioner of the Central Bank of Gambia Insurance and Pension Commission Pa Alieu Sillah, also said, “I am impressed by how the different regulators share lessons learnt and how the experience will improve regulations and supervision.”