Sunday, October 19, 2025
25.2 C
Lagos

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

NAICOM’s Pius Agboola Elected Chair of WAISA College of Insurance Supervisors

Pius Agboola

Chairman

WAISA College of Insurance Supervisors

The West African Insurance Supervisors Association (WAISA) has established the College of Insurance Supervisors for the West African Monetary Zone (CISWAM Z). This followed the concurrence of the Committee of Governors of the West African Monetary Zone at their 43rd meeting on August 26, 2021.

At the inaugural meeting of the CISWAMZ held on February, 22, 2022, Mr. Pius Agboola who is the Director, Inspectorate Directorate at the National Insurance Commission (NAICOM) Nigeria was elected as the Chairman of the new body.

The objective of the college is to strengthen cross border insurance supervision through information sharing and investigative assistance, which are in conformity with International Association of Insurance Supervision (IAIS) principles, minimizing fraudulent activities in the insurance sector in accordance with the Financial Action Task force (FATF) principles on Anti-Money laundering.

The College of Insurance Supervisors of the WAMZ emphasizes on the important role of:

  • Fostering closer relationship by creating an enabling environment for the insurance sector to flourish most especially through collaboration and;
  • Harmonisation of regulatory standards;
  • Increasing operation of cross border network by branches and/or offshore subsidiaries in the insurance sector;
  • Adds a new dynamic dimension to the economies of
  • Enhance solo supervision of insurance entities by the competent authorities
  • Fostering a better understanding of supervisory practices and more efficient and effective
  • Facilitate group – wide supervision, entailing in particular, but not limited to an assessment of the Group’s:
  • Financial Situation,
  • Compliance with the rules on solvency,
  • Risk concentration and intra-group transactions, and
  • System of governance among

 

The regulators are active members of African Insurance Organisation (AIO) and the

IAIS thus recognize the importance of these arrangements for cooperation and information sharing amongst the six insurance regulators (Gambia, Ghana, Guinea, Liberia, Nigeria, Sierra-Leone).

The importance of CISWAMZ is further buttressed by the overreaching objective behind the African Continental Free Trade Agreement (AFCFTA) by accelerating intra-African trade and providing a single market for goods and services, facilitated by movement of persons in order to deepen the economic integration and prosperity on the Continent as well as boosting Africa’s trading position in the

global market by strengthening Africa’s common voice and policy space in global trade negotiations.

The CISWAMZ is expected to greatly enhance multilateral cooperation and promotion of international standards in fostering favorable investment environments and orderly markets in the West African sub region and beyond.

The insurance industry, like other components of the financial system, is changing in response to a wide range of social and economic forces. In particular, insurance and insurance-linked financial activities are increasingly crossing national and sectorial boundaries.

Consequently, the efficient and timely exchange of information among supervisory bodies, both within the insurance sector and across the financial services sector within the West African sub region is critical to the effective supervision of internationally active insurers, insurance groups and financial conglomerates which is also essential in the context for the effective supervision of the financial system as a whole.

 

 

Hot this week

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Stanbic IBTC Bank, LOXEA BYD forge alliance for Electric Vehicle Financing

In a strategic move to advance Nigeria’s shift toward...

CBN, Bank of Angola Sign MoU on Technical Co-operation at IMF/World Bank Meeting

In an effort to enhance bilateral cooperation and technical...

NBS: Nigeria’s Inflation Falls to 18.02% in September, Lowest Level in Three Years

Nigeria’s headline inflation rate fell for the sixth consecutive...

NUPEMCO Marks 2025 CSW with Nationwide Pension Awareness Activities, Huawei-Supported National Essay competition

The Nigerian University Pension Management Company (NUPEMCO) celebrated the...

Topics

NAIPE 10th Anniversary Conference Attracts 28 Corporate Sponsors

  ‎Twenty-eight organisations including insurance companies, insurance institutions, broking firm,...

The Case for Re-authorisation of US Ex-Im Bank

The charter which authorised the existence of Export –...

Global Pension Assets Rose to $35Tr in 2020 Despite COVID-19

Aisha Dahir-Umar Director-General National Pension Commission (PenCom) Preliminary data for 2020 shows...

L’Oréal Accelerates Product Development for Sub-Saharan Africa

L’Oréal has inaugurated its new Research & Innovation Center...

TagPay Wins Kalahari Award for Mobile Financial Services in Africa

Tagattitude, the innovative French FinTech has won a Kalahari...

Forex MasterClass Course Opens in Lagos Sept 9

For Participation: Contact: Lagos Capital Group: Phone: 234(0)8035180508 or...

How Power Outages Threaten Nigeria’s Digital Economy Dream

By Elvis Eromosele Recently, I found myself inside a multi-storied...
Exit mobile version