16 November 2012

Southern Africa: SADC Regulators Learn About Micro-Insurance

The Namibia Financial Institutions Supervisory Authority (NAMFISA), in partnership with the Toronto Centre, hosted a Micro-insurance Supervisor Training Programme in Windhoek this week.

The programme equips regulators to recognise the need for inclusiveness in developing markets. The curriculum also examines unique approaches from around the world, and provides a comprehensive review of the International Association of Insurance Supervisors'(IAIS) just published 'Application Paper on Regulation and Supervision supporting Inclusive Insurance Markets'.

After the five days of training, participants are expected to understand the importance of promoting financial inclusion in their home jurisdictions. They are shown how sound supervisory principles can be applied in a manner consistent with inclusion, and they are instructed on the importance of innovation and adaptability when it comes to licensing.

The programme is organised by the Toronto Centre. It is facilitated by internationally recognised experts who are drawn from around the world. The Toronto Centre's programme's provide supervisors with the skills to make difficult decisions quickly, to implement change in their organisations effectively and to manage key stakeholders in their jurisdictions. Using the Toronto Centre's highly effective, interactive, case-study approach, the programme gives participants the opportunity to develop critical supervisory leadership and problem solving skills.

Namfisa's CEO, Phillip Shiimi said microinsurance is a new concept globally and therefore it was important for Namibia and other regulators in the SADC region to understand its dynamics and be able to effectively guide its impelemtation in the respective countries. The training programme ends this Friday, 16 November.

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