Chuks Udo Okonta
The
National Insurance Commission (NAICOM) and the National Association of
Insurance Commissioners (NAIC) of the United States have signed a Memorandum of
Understanding (MOU) to establish a formal basis for cooperation and technical
assistance.
A
statement by Corporate Affairs Executive NAICOM, Salami ‘Rasaaq,
said the purpose of the memorandum is to help maintain efficient,
safe, fair and stable insurance markets in Nigeria and the United States, for
the benefit and protection of policyholders, by providing a framework for
co-operation, increased mutual understanding, exchange of information and
technical assistance to the extent permitted by respective laws, regulations
and requirements.
He noted
that NAICOM and NAIC believe such cooperation will enable them to more
effectively regulate the industry and entrench international best practices.
He said
the Commissioner for Insurance, Fola Daniel and the president of
NAIC/Commissioner, Louisiana Department of Insurance, James Donelon, signed the
MOU on behalf of both parties at a well-attended ceremony held at the Willard
InterContinental Hotel, Washington, DC in the United States of America on
Thursday, May 09.
He said: “Under
the agreement, the authorities will provide mutual assistance periodically
through training held in the host country; participation in internships with
specific educational focus; educational seminars held in the host country,
provision of training manuals/materials and any other issues of common
interest.
“Similarly,
both NAICOM and the NAIC have reiterated the importance of complying with the
International Association of Insurance Supervisors (IAIS) Core Principles for
effective insurance supervision and the Financial Action Task Force (FATF)
recommendations on Anti-Money Laundering.
“NAIC is a
non-profit Delaware corporation comprising Chief Insurance Regulatory Officers
in each of the fifty States, the District of Columbia and the U. S. territories.”
It will be
recalled that NAICOM signed a similar MOU with the National Insurance
Commission (NIC) of Ghana in August 2012.
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