The Chairman of West African Insurance Supervisors Association, Mr Sunday Thomas, has highlighted the rationale behind the establishment of the College of Insurance Supervisors for West African Monetary Zone.
The Chairman, College of Insurance Supervisors for West African Monetary Zone (CISWAMZ), Mr. Pius Agboola has also assured of CISWAMZ readiness to assist the West African countries in the development of their Risk-Based Supervision Framework.
Speaking at the second meeting of CISWAMZ in Abuja, Thomas said the establishment of CISWAMZ was an important milestone in the integration of the Insurance Sector under the ECOWAS Monetary Cooperation Programme.
Thomas said the establishment of CISWAMZ was based on the recognition of member states that co-ordination of supervisory effort and sharing of information of supervised entities is important in carrying out an efficient consolidated supervision, maintaining effective oversight, promoting compliance with extant laws and maintaining the highest level of oversight quality while carrying out their supervisory responsibilities in their respective Countries.
He urged the College to develop a process of documentation that gives priority to how proceedings are documented.
The International Association of Insurance Supervisors (IAIS), Thomas said, has provided a forum for members to share their experiences and understanding of Insurance supervisory and insurance markets.
He said their experiences and practices led to the development of 26 Insurance Core Principles and two of the principles centred on regional and international cooperation.
He said, “The ICP 25 is on Supervisory Co-operation and Co-ordination (Sectorial, Regional and inter- regional) while ICP 26 is on Cross Border Cooperation and co-ordination on Crisis Management,”
Thomas hinted that the Financial Action Task Force created in 1939 is an inter-governmental body whose purpose is to develop and promote National and International policies to combat Money Laundering and Terrorist Finance.
He said “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 Co-operating with other Countries / regional bodies in the implementation of their policies.
“Therefore, what the region has done 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.”