Commonwealth convenes meeting for insurance regulators

The Commonwealth Secretariat is organising a high level meeting for officials involved in regulating insurance services to deepen knowledge on the sector and to share best practices.

The meeting, which will draw directors of regulatory boards from East African countries, will take place in Kampala, Uganda, from 9 to 11 March 2011.

It will bring in regulators from Kenya, Malawi, Rwanda, Tanzania, Uganda and Zambia.

Insurance regulation, which governs the business of insurance, is typically aimed at assuring the solvency of insurance companies.

"The objective of the workshop is to enhance the knowledge of the participants of the procedures and techniques needed to guide the conduct of an effective supervisory regime," said Cheryl Bruce, an adviser at the Commonwealth Secretariat whose work involves supporting member states to deepen financial supervision.

Ms Bruce said that the need for such training is becoming increasingly important given the failures of financial institutions worldwide.

"Although in the main, the insurance sector has not suffered the spectacular damages experienced by some of its banking counterparts, the financial crisis has brought to light a number of weaknesses in the overall supervisory procedures and has spurred calls for tighter board controls and a more efficient monitoring process.

"It is therefore imperative that boards of directors remain at the forefront of emerging thinking and implement the policy and procedures which ensure sound corporate governance and compliance with both domestic and international standards," she said.

The workshop will address key issues such as boardroom proceedings, corporate governance principles, accountability, strategic planning, assessing performance tools and the roles needed to operate effectively within a regulatory framework.