Henry Jawo, executive secretary of the Insurance Association of The Gambia, said this is necessary in order to enhance and maintain efficient, safe and stable insurance market and to promote growth and healthy competition in the sector.
Though the Constitution of The Gambia mandated the Central Bank of The Gambia to direct and regulate the financial industry, including insurance industry, “for the interest of the economic development of the country”, many insurance technocrats observed that the Bank is more focused on regulating the banking industry than insurance industry hence the need for the establishment of an independent insurance commission – a specialized autonomous body for the regulation of the insurance industry.
He said this will only be in line with the practice that already exists in almost all English speaking countries in West Africa, where there is a fully functional insurance commission.
Jawo explained that an independent regulatory body is what the industry desires now in order to care of any problem affecting the insurance industry and steer it in the right direction for the benefit of the economy.
IAG executive secretary noted with strong conviction this is the only way forward if the industry is to take its rightful position in the economic development of the country.
He affirmed that if the Gambia insurance industry, which has eleven companies, is to fully develop and takes it rightful position in the economy, then it needs a specialized regulatory body to manage and superintend its growth.