Kenya to Host EAISA Secretariat for Five Years as East Africa Moves to Harmonise Insurance Supervision
Under the resolutions adopted in Nairobi, Kenya will provide a permanent institutional base for coordinating EAISA's regional activities during the five-year period.
Nairobi, Kenya – On September 18, Kenya was chosen to host the East African Insurance Supervisors Association (EAISA) Secretariat for the next five years. This move comes as insurance regulators from across East Africa strive to improve cooperation and standardize oversight. The decision was made during the EAISA Regional Meetings that took place in Nairobi from September 16 to 17, with representatives from Burundi, the Democratic Republic of Congo (DRC), Kenya, Rwanda, Tanzania, and Uganda in attendance.
During the meetings, discussions centered on initiatives to enhance regulatory collaboration, safeguard consumer interests, leverage technology in supervision, and unify insurance regulations within the East African Community (EAC). Kenya will provide a permanent headquarters to coordinate EAISA's regional activities for the five-year period decided upon.
A harmonized Insurance Core Principles assessment template was adopted to ensure consistent evaluations of member regulators against accepted international supervisory standards. This template aims to uncover regulatory deficiencies and promote peer learning among insurance supervisors throughout the region. Furthermore, the progress of the Regional Integrated Insurance Supervisory Software (RIISS) was approved. This software aims to boost information exchange and supervisory efficiency through technological advancements.
A unified regional approach to digital transformation was also endorsed, focusing on interoperability, consumer protection, cybersecurity, efficiency, and improved access to insurance services. Additionally, an EAC Insurance Sandbox Regulatory Framework was approved, which will offer a consistent regulatory approach to foster innovation while promoting collaboration among regulators across the member states.
Key areas of focus included consumer protection, with the development of Regional Guidelines on Insurance Complaints Management aimed at establishing uniform minimum standards for the fair, timely, and effective handling of complaints. The guidelines will consider the varying national legal frameworks governing insurance regulation in member states.
Likewise, regional monitoring and evaluation guidelines were approved to enhance the comparability of insurance market data, supporting evidence-based supervisory decision-making.
The meeting also noted advancements towards the adoption of the EAISA Constitution, urging member regulators to finalize their national approval processes. EAISA has also approved the establishment of a Governance Charter to strengthen transparency, accountability, and institutional effectiveness while clarifying roles within the association. These decisions are anticipated to strengthen cross-border cooperation among insurance regulators, paving the way for a more cohesive regional insurance supervisory framework.
Written by urgent.news from Capital FM Kenya's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
