Martin Endjala
Namibia Financial Institutions Supervisory Authority (NAMFISA) Manager for Insurance and Medical Aid Funds, Erich Gariseb, is set to serve on the International Association of Insurance Supervisors (IAIS) Risk-Based Solvency Implementation Forum.
The Risk-Based Solvency Implementation Forum which aims to support Emerging Markets and Developing Economies (EMDEs) jurisdictions to advance their observance of the IAIS supervisory material and strengthen members’ supervisory frameworks, especially as they navigate the complexities of establishing risk-based solvency regimes.
The Forum develops guidance for EMDE regulators on practical aspects of implementing a risk-based solvency regime and facilitates the exchange of experiences amongst regulators on the transition to and technical aspects of risk-based solvency regimes.
Gariseb’s extensive industry background, including his tenure with the Johannesburg Stock Exchange (JSE) and London Stock Exchange, listed financial services companies, positions him well to contribute to advancing supervisory material and the strengthening of members’ frameworks, particularly as they transition towards risk-based solvency regimes.
This is according to NAMFISA’s Chief executive officer Kenneth Matomola, who stated that this is a significant achievement for the Authority and Namibia.
“As the Namibian non-bank financial services sector undergoes its transition from a Compliance-based Supervisory Framework to a Risk-based Supervisory Framework, having Erich Gariseb on the IAIS’ Forum holds immense benefits for the country.
” We are confident that his experience will not only contribute to the global dialogue on risk-based solvency but also directly benefit Namibia as we navigate our regulatory transition. This further aligns with our commitment to global best practices and reinforces our dedication to steering the transition towards a more resilient regulatory framework, “said Matomola.
Meanwhile, Gariseb stated that he is honoured to represent NAMFISA at the Forum, adding that Namibia’s transition aligns with international trends, and he looks forward to collaborating with global experts and making a meaningful contribution to the global dialogue on risk-based solvency frameworks.
Furthermore, NAMFISA lauded Gariseb on his achievement while reiterating that it remains committed to supporting initiatives that promote international cooperation, harmonization and strengthening of the regulatory landscape for the benefit of policyholders and insurers.
The International Association of Insurance Supervisors (IAIS) was established in 1994 and headquartered in Basel, Switzerland. It is a global standard-setting body for insurance regulators and supervisors from more than 200 jurisdictions, constituting 97 percent of the world’s insurance premiums.
Its mission is to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe, and stable insurance markets for the benefit and protection of policyholders, as well as contribute to global financial stability.
