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NAICOM Partners NIC of Ghana

As part of efforts to strengthen cross border insurance supervision through information sharing and investigative assistance, the National Insurance Commission of Nigeria (NAICOM) has signed a formal Memorandum of Understanding with the National Insurance Commission of Ghana (NIC).

The ceremony was held at the corporate head office of NAICOM in Abuja, Nigeria on August 24, 2012.Nigeria’s Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Fola Daniel signed on behalf of the apex insurance regulatory agency in Nigeria while Mrs. Nyamikeh Kyiamah, Ghana’s Commissioner of Insurance signed on behalf of the Ghanaian insurance regulatory body.

According to Mr. Daniel,the objective of the MoU “is to formalise the relationship between both parties in strengthening cross border insurance supervision which is in conformity with International Association of Insurance Supervision (IAIS) principles. Both NAICOM and NIC are active members of AIO and IAIS which recognise the importance of these arrangements for cooperation and information sharing between the two insurance regulators.”

He added that the importance of the agreement is further underscored by the “fact that NAICOM is the home regulator of many insurance companies authorised by NIC to conduct insurance business in Ghana. The increased activities of these Nigerian insurance Companies in Ghana therefore, make NIC Ghana one of our most important regulatory allies.”

In her remarks, Mrs. Kyiamah  noted that the insurance industry is changing rapidly in response to a wide range of legal, regulatory, social, technological and economic forces. “As regulators or supervisors, we need to brace ourselves to meet the challenges ahead. The signing of this MoU is one of the ways of demostrating our commitment to the growth and stability of insurance markets in our sub-region”

The MoU is the first to be signed by NAICOM with a fellow regulator in Africa and it spells out, among other things, the types of information to be exchanged, the use of the information, as well as the basis on which information obtained may be shared.

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