Namfisa gains representation to Insurance Solvency Forum

The forum sets standards for the insurance industry globally
Namfisa's general manager for insurance and medical aid funds, Erich Gariseb, will represent the regulator on the International Association of Insurance Supervisors' (IAIS) Risk-Based Solvency Implementation Forum.
STAFF REPORTER
  • 4 Months Ago - 2024-01-17 00:00:00
The Namibia Financial Institutions Supervisory Authority (Namfisa) announced the appointment of its general manager for insurance and medical aid funds, Erich Gariseb, to the International Association of Insurance Supervisors’ (IAIS) Risk-Based Solvency Implementation Forum. The Risk-Based Solvency Implementation Forum aims to support Emerging Markets and Developing Economies (EMDEs) jurisdictions to advance their observance of the IAIS supervisory material and strengthening 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.

Namfisa CEO, Kenneth Matomola, said it was a significant achievement for the regulator. “As the Namibian non-bank financial services sector undergoes its own 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 own 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.”

Gariseb, for his part stated that he was honoured to represent Namfisa.

“I am honoured to represent NAMFISA at the Forum. Namibia’s transition aligns with international trends, and I look forward to collaborating with global experts and make a meaningful contribution to the global dialogue on risk-based solvency frameworks.”

Established in 1994 and headquartered in Basel, Switzerland, the International Association of Insurance Supervisors (IAIS) is a global standard setting body for
insurance regulators and supervisors from more than 200 jurisdictions, constituting 97% of the world’s insurance premiums.