Niël Terblanché
Kenneth Simataa Matomola, the chief executive officer of the Namibia Financial Institutions Supervisory Authority (NAMFISA), has been appointed to the Executive Committee (EXCO) of the International Association of Insurance Supervisors (IAIS).
Matomol’s appointment was announced during the IAIS Annual General Meeting held on 5 December in Cape Town, South Africa.
Victoria Raimond, spokesperson for NAMFISA, reiterated the implication of the IAIS as a global standard-setting body.
“The IAIS represents over 200 jurisdictions and accounts for 97% of the world’s insurance premiums. Its mission is to promote effective and globally consistent supervision of the insurance industry, ensuring fair, safe, and stable markets for the protection of policyholders and contributing to global financial stability,” she explained.
Established in 1994 and headquartered in Basel, Switzerland, the IAIS plays a vital role in shaping international insurance regulation.
In his acceptance of the EXCO role, Matomola stressed the importance of collaboration among global regulators.
“It is imperative that we work together to overcome multifaceted challenges and harmonise regulatory frameworks, particularly in the context of initiatives like the African Continental Free Trade Area, which promotes economic integration,” he said.
He also stressed the transformative potential of technological innovation in the insurance sector, noting its capacity to drive efficiencies and enhance accessibility for consumers.
Matomola expanded on the need to invest in human capital to address skills shortages within the insurance industry.
“To navigate the complexities of our sector, both current and emerging, we must prioritise the development of skilled professionals who can adapt to rapid changes and ensure effective supervision,” he said.
He added that the IAIS Executive Committee holds substantial responsibilities, including making decisions necessary to achieve the organisation’s mission, as guided by its General Meeting.
Beyond his role in the EXCO, Matomola was also elected to the IAIS Selection Group, which appoints subcommittee chairs and vice chairs which further solidified Namibia’s influence in the global regulatory sphere.
He said that the global recognition of Namibia’s regulatory expertise emphasises the country’s growing role in international financial and insurance supervision.
Matomola added that NAMFISA is set to contribute meaningfully to shaping a fair, safe, and stable insurance landscape worldwide.
