Trade: OAISA to Allign Regulatory Frameworks With AFCFTA Objectives

Ebere Nwoji

The Organisation of African Insurance Supervisory Authorities (OAISA), has said it would align its regulatory frameworks with the objectives of the African Continental Free Trade Agreement (AfCFTA) in order to facilitate seamless trade within the African continent.

The President of the organisation and former Commissioner for Insurance, Mr Sunday Olorundare Thomas, stated this at the organisation’s general assembly meeting held in Abuja.

Thomas noted that OAISA stood as a beacon of regulatory excellence, entrusted with the  formidable task of developing, harmonising insurance regulations and ensuring effective supervision of the insurance sector on the continent. 

“Our missions are aimed not only to foster a fair, secure, and stable insurance market but also to  play a pivotal role in bolstering regional financial stability. It is also worthy to mention that members’ commitment in developing our human  resources and creating a platform for standardisation of insurance laws, and supervisory structures is more pertinent than ever, especially in light of the  ongoing implementation of the African Continental Free Trade Agreement  (AfCFTA),” Thomas said.

According to him,the  AfCFTA presents immense opportunities for trade and economic

integration across Africa. Thomas noted that the  Nigerian insurance industry’s efforts in the development of the market was  an all-inclusive one, adding that it  included creation of avenues, deepening of insurance  penetration; increasing access to insurance products via digital platforms, and  increasing visibility of insurance. 

He said consequently, the commission in its effort to open up the market across the geo-political zones where insurance penetration was  perceived to be very low, had implemented various market developmental initiatives to lift the insurance sector. 

He listed these initiatives as transition to IFRS 17 effective January, 2023, implementation of Risk Based Supervision model, risk based  capital and innovation project  such as FSD Africa Project, Bancassurance to help drive more distribution channels for insurance, issuance  of guidelines for  corporate governance and market conduct.