Sadc insurance laws to be harmonised
THE Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA) is looking at harmonising laws governing insurance and capital markets across the Sadc region.
This comes as Zimbabwe will this tomorrow host the 39th CISNA Conference.
CISNA chairman Mr Tafadzwa Chinamo, told journalists this was in line with the Sadc’s principles for trade integration, increased cooperation and inclusive growth across the region.
He said this would ease business across the region, while enhancing the effectiveness of regional financial regulatory and supervisory frameworks in line with applicable global regulatory principles, standards and best practice.
“There is need to harmonise our laws and build capacity in the region. It should be easy for an operator licensed in Zimbabwe to set up in Mozambique,” said Mr Chinamo adding the region could take a cue from the European Union where member countries can operate within the region without much hustle.
“As we move towards regional integration, the work of CISNA is critical in the delivery of financial services to the citizens of SADC,” he said.
CISNA was established in 1998 by the insurance, securities and non-banking financial authorities in SADC.
Its membership consists of the supervisory of capital markets, retirement funds, collective investment schemes, insurance companies and providers of financial intermediary services in the Sadc region.
Zimbabwe’s CISNA members include the Insurance and Pension Commission, the Reserve Bank of Zimbabwe and the Securities and Exchange Commission of Zimbabwe.
The conference, to be held from the 8th to 10th of November will also discuss funding for establishment of a permanent secretariat with countries in the region expected to bid to host the regional body’s office.
In addition to that, the conference will also interrogate the lack of consistent participation of some member states at the conferences.
“Some member states indicated that they do not have sufficient budgets to send their staff to all the CISNA meetings. So we will also look at the financial constraints affecting members,” said Mr Chinamo.
An estimated 70 regional delegates are expected to participate at the conference where Finance and Economic Development Minister Dr Ignatius Chombo is expected to officially launch the conference.
The conference will run under the theme; “Sadc Financial Harmonisation – be part of it,” which is in line with its mandate.
For the period 2016 to 2020, CISNA’s strategic priorities are harmonisation of regional financial regulatory and supervisory frameworks, capacity building and cooperation, market development as well as consumer protection and education.