OAISA General Assembly: Commissioner For Insurance Champions Regional Cooperation and Regulatory Excellence

By LOVETH AZODO, Lagos

In a bid to advance regulatory excellence and foster regional cooperation in the insurance sector across Africa, the Organisation of African Insurance Supervisory Authorities (OAISA) convened its General Assembly Meeting at Abuja, Nigeria

The Commissioner for Insurance, Nigeria, Mr. Olorundare Sunday Thomas, preside over the event in his capacity as the President of OAISA, Thursday, April 18.

In his address, he emphasized OAISA’s pivotal role in developing and harmonizing insurance regulations, with a focus on ensuring effective supervision of the insurance sector throughout the continent.

Highlighting the significance of the ongoing implementation of the African Continental Free Trade Agreement (AfCFTA), Mr. Thomas underscored the imperative for collaborative efforts among insurance regulators to align regulatory frameworks with the objectives of facilitating seamless trade across borders.

Drawing attention to Nigeria’s efforts in market development, Mr. Thomas outlined various initiatives undertaken by the Nigerian insurance industry.

“These initiatives included the transition to International Financial Reporting Standards (IFRS) 17, the implementation of Risk-Based Supervision and Risk-Based Capital, and innovative projects aimed at increasing insurance penetration and accessibility through digital platforms,” he said.

NAICOM Boss maintained that these initiatives will improve implementation of International Financial Reporting Standards, address Anti-money Laundering, Combating the Financing of Terrorism, and Countering Proliferation Financing.

Mr. Thomas stressed the importance of collaboration and strategic initiatives in safeguarding the industry’s integrity and protecting the interests of policyholders and stakeholders alike.

Mr. Thomas expressed optimism that collaborative efforts, innovative solutions, and strategic partnerships would enable the insurance sector to navigate challenges and seize opportunities for growth and development across Africa.

Also, Thomas emphasized the importance of collective dedication, professionalism, and collaboration towards achieving common objectives in insurance regulation and supervision across the region.