The Commissioner for Insurance in Nigeria, Sunday Thomas, has been elected as the President of the Organisation of African Insurance Supervisory Authorities (OAISA).
Rasaaq Salami, Spokesperson, National Insurance Commission (NAICOM), said in a statement on Thursday in Lagos.
The News Agency of Nigeria (NAN) reports that OAISA is an inter-governmental organisation eligible for the rights and privileges granted by the 1961 Vienna Convention on Diplomatic Relations.
The organisation is saddled with the responsibility of promoting cooperation among African Insurance Supervisory Authorities by sharing experiences in the effective supervision of the insurance industry in Africa.
Its objectives is to develop the insurance markets and for the benefits and protection of policyholders, in a bid to contribute to capacity building and financial stability of the African continent.
Salami said that Thomas’ election, alongside his Vice-President, Issouf Traore of Cote D’ Ivoire, was ratified at the General Assembly of the body at Tunis in Tunisia.
According to him, the newly elected officials of the organisation shall serve the continent for a period of two years in the first instance, renewable once.
“It is instructive to note that Thomas was the pioneer Chairman of the West Africa Insurance Supervisors Association (WAISA),” Salami added.