Protocol,
It is my pleasure
to welcome you to this formal signing of the Memorandum of Understanding amongst
the National Insurance Commission (Ghana), Central Bank of Liberia, National
Insurance Commission (Nigeria), Sierra-Leone Insurance Commission & Central
Bank of the Gambia. Let me express my appreciation to the Chief Executives for
their commitment and dedication towards the development and conclusion of this multilateral
agreement.
The objective of
this MMoU is to formalize the relationship among the parties
in strengthening cross border insurance supervision through information sharing
and mutual cooperation, which are in conformity with International Association
of Insurance Supervision (IAIS) principles.
As you may already know, the regulators are active members
of AIO and some are also members of IAIS which emphasizes the importance of
these type of arrangements for cooperation and information sharing.
This MMOU underlines NAICOM’s goal to build effective
working relationships with regulators in the West African region and beyond.
The importance of this agreement is further buttressed by
the fact that NAICOM is the home regulator of many subsidiary insurance companies
authorized by Ghana, Liberia, Sierra-Leone and the Gambia to conduct insurance
business. These subsidiary companies include NEM Insurance, Regency Alliance,
Equity Assurance, Wapic Insurance, Staco Insurance, and Capital Express
Assurance. The increased activities of these Nigerian Insurance companies in West
Africa makes the National
Insurance Commission (Ghana), Central Bank of Liberia, Sierra-Leone Insurance
Commission & Central Bank of the Gambia
our important regulatory allies.
It is my belief that with the signing of this MMOU, the
cross-border supervision amongst Ghana, Liberia, Nigeria, Sierra-Leone and the
Gambia will now be greatly enhanced. This multilateral cooperation is timely
and important. We are pleased to have the National Insurance Commission (Ghana),
Central Bank of Liberia, Sierra-Leone Insurance Commission & Central Bank
of the Gambia as our MMoU partners and look
forward to our mutual assistance in the promotion of international standards to
foster favourable investment environments and orderly markets in West Africa.
The MMOU will also help us to
effectively communicate with each other in addressing such fraud across
jurisdictions in compliance with the Financial Action Task Force (FATF)
recommendations on Anti-Money Laundering.
Insurance in the whole of Africa has been
characterised by low penetration and poor contribution to
the African financial growth in most countries, therefore maintaining efficient,
fair, safe and stable insurance market in the West African region must be promoted
for the benefit of the policy holders.
Ladies and
Gentlemen, let me reiterate that the signing of this multilateral agreement is
not only creating the condition for closer relationship amongst us but will go
a long way in promoting cooperation and assistance amongst the insurance
regulators.
Once again, I
welcome you all to this occasion.
Thank you.
Mohammed Kari
Commissioner for Insurance
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