Friday, March 2, 2012

Insurance practitioners want self-regulation

Insurance practitioners in The Gambia are calling for the regulation of the insurance industry to be severed from the Central Bank “in order to give the industry it deserved focus and attention”.


Mr Jawo
 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.

8 comments:

  1. Very interesting that an industry actually wants more attention and regulation from a government!

    ReplyDelete
  2. The other day, while I was at work, my sister stole my iphone and tested to see if it can survive a 30 foot drop, just so she can be a youtube sensation.
    My apple ipad is now broken and she has 83 views.
    I know this is totally off topic but I had to share it
    with someone!

    Also visit my homepage - buy Crystal Light promo codes

    ReplyDelete
  3. Hi it's me, I am also visiting this web site daily, this site is actually nice and the users are truly sharing fastidious thoughts.

    Also visit my web page ... Snapple bargains 12 pack

    ReplyDelete
  4. Nice post. I learn something totally new and challenging on sites I stumbleupon on a daily basis.
    It will always be useful to read through content from other authors and
    use something from other websites.

    Feel free to visit my website :: jacksonville home insurance

    ReplyDelete
  5. You could certainly see your expertise within the work you write.
    The sector hopes for even more passionate writers like you who
    are not afraid to mention how they believe. At all times follow your
    heart.

    Here is my site ... folgers coffee singles discount codes

    ReplyDelete
  6. Hello all, here every person is sharing these kinds of familiarity, thus it's nice to read this webpage, and I used to visit this web site daily.

    Also visit my homepage - coupons

    ReplyDelete
  7. You actually make it seem so easy with your presentation but I find this matter to be really something which I think I would never understand.
    It seems too complex and extremely broad for me.
    I am looking forward for your next post, I will try to get the hang of it!


    Look into my homepage ... NFL Jerseys Cheap

    ReplyDelete
  8. It is not my first time to visit this web site, i am visiting this website dailly and take good facts from here
    every day.

    Feel free to visit my web-site ... New LeBron Shoes ()

    ReplyDelete