NAIROBI, Kenya Sep 18 – Kenya has been selected to host the East African Insurance Supervisors Association (EAISA) Secretariat for the next five years as insurance regulators from across the region move to strengthen cooperation and harmonise supervision.

📻 Breaking It Down

The decision was reached during the EAISA Regional Meetings held in Nairobi from September 16 to 17, bringing together insurance regulators from Burundi, the Democratic Republic of Congo (DRC), Kenya, Rwanda, Tanzania and Uganda.

The meetings considered initiatives aimed at strengthening regional regulatory cooperation, consumer protection, technology-enabled supervision and the harmonisation of insurance regulation within the East African Community (EAC).

Under the resolutions adopted in Nairobi, Kenya will provide a permanent institutional base for coordinating EAISA’s regional activities during the five-year period.

📌 What You Need to Know

The regulators also adopted a harmonised Insurance Core Principles assessment template to facilitate consistent assessment of member regulators against international supervisory standards.

The framework is expected to support identification of regulatory gaps and promote peer learning among insurance supervisors across the region.

The meeting also approved the progression of the Regional Integrated Insurance Supervisory Software (RIISS), which is intended to strengthen information sharing and supervisory effectiveness through technology.

The regulators supported a harmonised regional approach to digital transformation, with a focus on interoperability, consumer protection, cybersecurity, efficiency and improved access to insurance services.

EAISA also approved the development of a harmonised EAC Insurance Sandbox Regulatory Framework.

The framework is expected to provide a common regulatory approach for responsible innovation while facilitating greater cooperation among insurance regulators across member states.

📰 Source: Capital FM Kenya