NAICOM SIGNS MOU WITH NAIC The National Insurance Commission of Nigeria, (NAICOM) and the National Association of Insurance Commissioners (NAIC) of the United States, recognising the increasing international activity in insurance markets and the corresponding need for mutual cooperation between the relevant supervisory authorities, have signed a Memorandum of Understanding (MOU) to establish a formal basis for co-operation and technical assistance. The purpose of the Memorandum is to help maintain efficient, safe, fair and stable insurance markets in Nigeria and the United States for the benefit and protection of policyholders, by providing a framework for co-operation, increased mutual understanding, the exchange of information and technical assistance to the extent permitted by respective laws, regulations and requirements. Both NAICOM and the NAIC believe such cooperation will enable them to more effectively regulate the industry and entrench international best practices. Nigeria’s Commissioner for Insurance, Fola Daniel and the president of NAIC/Commissioner, Louisiana Department of Insurance, James J. Donelon signed the MOU on behalf of both parties at a well-attended ceremony held at the Willard InterContinental Hotel, Washington, DC in the United States of America on Thursday, May 09, 2013. Under the agreement, the authorities will provide mutual assistance periodically through training held in the host country; participation in internships with specific educational focus; educational seminars held in the host country, provision of training manuals/materials and any other issues of common interest. Similarly, both NAICOM and the NAIC have reiterated the importance of complying with the International Association of Insurance Supervisors (IAIS) Core Principles for effective insurance supervision and the Financial Action Task Force (FATF) recommendations on Anti-Money Laundering. NAIC is a non-profit Delaware corporation comprising Chief Insurance Regulatory Officers in each of the fifty States, the District of Columbia and the U. S. territories. It will be recalled that NAICOM signed a similar MOU with the National Insurance Commission (NIC) of Ghana in August 2012. Allied group: on matters of insurance For more info log on to: alliedinsurancegroup.wordpress or call: 07085589821, 07088496724.... drop your comments here......
Posted on: Wed, 05 Jun 2013 08:37:29 +0000