The CEO of NAMFISA, Kenneth Simataa Matomola, has been appointed as a member of the Executive Committee (EXCO) of the International Association of Insurance Supervisors (IAIS) during the Annual General Meeting held on 05 December in Cape Town, South Africa.
IAIS is a global standard setting body for insurance regulators and supervisors from more than 200 jurisdictions, constituting 97% of the world’s insurance premiums. Its mission is to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe, and stable insurance markets for the benefit and protection of policyholders, as well as contribute to global financial stability. IAIS was established in 1994 and headquartered in Basel, Switzerland.
In accepting the EXCO role, NAMFISA’s CEO emphasized the importance of collaboration among regulators to overcome multifaceted challenges and harmonize regulatory frameworks, aligning with initiatives like the African Continental Free Trade Area for economic integration adding that the role of technological innovation in driving efficiencies and enhancing accessibility within the insurance landscape remains key.
He also stressed the importance of investing in human capital to address skills shortages and navigate current and emerging industry complexities effectively. The role of the IAIS EXCO among others is to take all decisions necessary to achieve the mission of IAIS in accordance with the directions given by the General Meeting. Meanwhile, Matomola was also elected to the IAIS selection group of IAIS that will appoint the subcommittee Chairs and Vice Chairs.