Posted by: africanpressorganization | 16 August 2010

EAC insurance regulators sign multilateral MoU / MoU expected to enhance movement of services under Common Market arrangement

 


 

 

EAC insurance regulators sign multilateral MoU / MoU expected to enhance movement of services under Common Market arrangement

 

 

ARUSHA, Tanzania, August 16, 2010/African Press Organization (APO)/ — A multilateral Memorandum of Understanding (MoU) on co-operation in regulation and supervision of the insurance industry was signed between Insurance Regulators Authorities of the EAC Partner States Wednesday 11 August 2010 in Moshi, Tanzania.

The MoU sets forth the basis upon which the Authorities propose to provide for mutual assistance and the exchange of information for the purpose of facilitating the performance of their functions under the respective laws, regulations and requirements of the Authorities’ jurisdictions.

Ag. Commissioner Evelyn Nkalubo Muwemba, Uganda Insurance Commission; Commissioner Israel Kamuzora, Insurance Commission of the United Republic of Tanzania; Director Joy Ntare, National Bank of Rwanda; Director Audace Nsabimana, Insurance Control and Regulator Authority Burundi; and Mr. Sammy Makove, Insurance Regulatory Authority, Kenya, initialed the MoU.

The purpose of the MoU is to protect policy holders and potential policy holders of insurance companies and to promote the integrity, stability and efficiency of the insurance industry by providing a framework for cooperation, increased mutual understanding, the exchange of information and assistance to the extent permitted by laws, regulations and requirements.

The signing of the MoU is expected to greatly enhance the movement of services under the EAC Common Market arrangement and provide an anchor for the Monetary Union as part of the integration of the financial sector in the region.

The MoU requires Authorities to ensure that the fullest mutual assistance is provided within its terms; to engage in consultations, as appropriate, on mutually agreeable information in the exercise of insurance market supervisory functions; and take into account pertinent International Standards.

Further, the Authorities have various powers to obtain information in the exercise of regulatory functions that are within the scope of this MoU to the extent permitted by laws, regulations and requirements.

The MoU does not modify or supersede any laws, regulations and requirements in force, or which apply to the Authorities, nor does it create directly enforceable legal obligations.

The signing of the MoU was witnessed by the EAC Deputy Secretary General in charge of Planning and Infrastructure, Mr. Alloys Mutabingwa; the CEOs Mr. Japheth Kato of Uganda’s Capital Markets Authority; Dr. Mboya Fatern of Tanzania’s Capital Markets and Securities Authorities; Mr. Robert C. Mathu of Rwanda’s Capital Markets and Advisory Council; and Mr. Joseph Bahizi, Head of Monetary and Financial Markets in Bank of the Republic of Burundi as well as EAC staff Mr. Tharcisse Kadede, Principal Economist (Fiscal and Monetary) and Mr. Robert Maate, Senior Statistician.

 

SOURCE 

East African Community (EAC)


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