The Commissioner for Insurance, National Insurance Commission, NAICOM, Mr. Olorundare Sunday Thomas, has emphasized the need for regional Co-operation as a tool to further strengthen risk supervision and Interglobal dynamic of Business. The NAICOM boss gave the indication at the opening of the 2nd Meeting of the College of Insurance Supervisors for West African Monetary Zone, CISWAMZ holding, in Abuja.
Mr. Thomas attributed the success of the Financial Action Task Force (FATF) to cooperation with other countries. “The Financial Action Task Force (FATF) created in 1939, is an inter-governmental body whose purpose is the development and promotion of National and International policies to combat Money Laundering and Terrorist Finance. “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 body 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 Institution in our region” he said. Speaking on the CISWAMZ, Mr. Thomas charged member States to “recognise 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 encouraged members to prioritize the development of a process of documentation of proceedings, adding that it would be a point of reference for improved supervisory activities in the region. Earlier, in his welcome remarks, the Chairman, CISWAMZ, Mr Agboola Pius, submitted that the insurance business which evolved through the desire of entrepreneur to curtail the negative effects of the risk materializing, cannot be done in isolation. Pius however assured that NAICOM, Nigeria is readily available to assist any member state in developing their Risk Based Supervision (RBS) framework.