Ghana and Nigeria have formally signed a Memorandum of Understanding (MoU) in an effort to strengthen cross border insurance supervision through information sharing and investigative assistance.

The pact was signed in Abuja August 24, 2012 by the National Insurance Commission of Nigeria (NAICOM) and National Insurance Commission of Ghana (NIC).

A press statement from NAICOM August 28, 2012 said its Commissioner and Chief Executive Officer Mr. Fola Daniel signed on behalf of Nigeria while Mrs. Nyamikeh Kyiamah, Ghana?s Commissioner of Insurance signed on behalf of Ghana.

The MoU 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, according to the statement.

Mr. Daniel explains that 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.

On her part, Mrs. Kyiamah noted that the insurance industry is changing rapidly in response to a wide range of legal, regulatory, social, technological and economic forces.

?I believe that this formal framework would yield positive results by providing a strong basis for cooperation, including the exchange of information and investigative assistance between the two organisations,? she said.

By Ekow Quandzie

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