The Organisation of African Insurance Supervisory Authorities OAISA, has been reminded of their standout function, which is standing as a beacon of regulatory excellence, entrusted with the formidable task of developing and harmonizing insurance regulations, while ensuring effective supervision of the insurance sector on the Continent.
This was part of the rallying statements made by the Commissioner for Insurance Nigeria/President of OAISA Mr. Olorundare Sunday Thomas, at the opening ceremony on Thursday 18th April, 2024 in Abuja.
Pushing further, he said OAISA is entrusted with the formidable task of developing and harmonizing insurance regulations, while ensuring effective supervision of the insurance sector on the Continent.
Its mission he explained, is multifaceted, aiming not only to foster a fair, secure, and stable insurance market, but also to play a pivotal role in bolstering regional financial stability.
He also pointed members to the urgent task of developing human resources and creating a platform for standardisation of insurance laws and supervisory structures in the light of the ongoing implementation of the African Continental Free Trade Agreement (AfCFTA).
“The AfCFTA presents immense opportunities for trade and economic integration across our continent. As insurance regulators, it is imperative that we work collaboratively to ensure that our regulatory frameworks align with the objectives of the AfCFTA in facilitating seamless trade,” he stated.
Presenting the Nigerian scorecard, he said there has been a multi pronged approach to deepening insurance penetration, by increasing access to insurance products via digital platforms, and increasing visibility of insurance as well creating insurance commercial presence in the six geo-political zones of the country.
In attendance were Commissioners of Insurance and Heads of Insurance Regulatory Institutions from Seventeen (17) African Countries. The Organisation of African Insurance Supervisory Authorities is saddled with the development and harmonization of regulations and supervision of insurance.
