The National Insurance Commission (NAICOM) has signed a Memorandum of Understanding (MoU) with some Anglophone countries to strengthen cross border insurance supervision in West African countries.
The Commissioner for Insurance, NAICOM, Mr Mohammed Kari, at the signing on Thursday in Abuja, said the insurance supervision would be strengthened through information sharing and mutual cooperation.
This is in conformity with the International Association of Insurance Supervision (IAIS) principles
The collaborating countries are the National Insurance Commission, Ghana; Central Bank of Liberia, Sierra-Leon Insurance Commission, the Central Bank of Gambia and NAICOM.
He expressed optimism that the collaboration would greatly enhance the cross-border supervision among the member countries.
“The MoU will help us to effectively communicate with each other in addressing such fraud across jurisdictions in compliance with Financial Action Task Force recommendation on Anti-Money Laundering. We look forward to our mutual assistance in the promotion of international standards to foster favourable investment environment and orderly markets in West Africa.”