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07.11.2008 Business & Finance

African insurance supervisors meet in Accra


A seminar on effective supervision of insurance operations in Africa is underway in Accra.

The four-day event is jointly organized by the National Insurance Commission (NIC), the International Association of Insurance Supervisors (IAIS), and the Financial Stability Institute (FSI).

Topics to be discussed include: “Insurance Core Principles and International Standards on Effective Supervision”, Risk-based Frameworks and Processes for Solvency and Supervision”, Regulatory Capital Requirements and Assessment of Solvency Positions”, “Asset Liability Management and its Impact on the Technical Provisions”, and “Suitability, Corporate Governance and Internal Control.”

Opening the Seminar, Ms. Josephine Amoah, Commissioner of Insurance at the National Insurance Commission, observed that insurance supervision which evolved over the last decade was becoming more and more scientific.

She urged insurance companies to abide by international insurance standards since they were fundamental to the efficient practice of insurance supervision.

Ms Amoah who is also the Regional Co-ordinator for IAIS Sub-Saharan African, commended insurance supervisors for their commitment to strengthening insurance regulatory bodies in Africa, to enable them play meaningful roles in ensuring international financial stability.

She asked insurance companies to ensure that their operations were effectively supervised.

Mr. Jeffery Yong of the IAIS Secretariat, said that as a global forum for insurance regulators, the association, founded in 1994, has members in over 140 countries.

He said that global financial stability depended on efficient, fair, safe, stable and well-regulated insurance markets, and improved supervision, among other factors.