The chief executive officer of the Namibia Financial Institutions Supervisory Authority (Namfisa), Kenneth Simataa Matomola, has been appointed as a member of the executive committee (Exco) of the International Association of Insurance Supervisors (IAIS) during the annual general meeting held on 5 December in Cape Town, South Africa. 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. Its mission is to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe, and stable insurance markets for the benefit and protection of policyholders, as well as contribute to global financial stability. IAIS was established in 1994 and is headquartered in Basel, Switzerland. 

In accepting the Exco role, the Namfisa CEO emphasised the importance of collaboration among regulators to overcome multifaceted challenges and harmonise regulatory frameworks, aligning with initiatives like the African Continental Free Trade Area for economic integration adding that the role of technological innovation in driving efficiencies and enhancing accessibility within the insurance landscape remains key. He also stressed the importance of investing in human capital to address skills shortages and navigate current and emerging industry complexities effectively. The role of the IAIS EXCO among others is to take all decisions necessary to achieve the mission of IAIS in accordance with the directions given by the General Meeting. Meanwhile, Matomola was also elected to the IAIS selection group of IAIS that will appoint the subcommittee chairs and vice chairs. 

Namfisa exists to supervise financial institutions and financial services and to advise the finance minister on matters relating to financial institutions and financial services. Namfisa is also responsible for supervising and enforcing compliance with the Financial Intelligence Act, 

The IAIS is a global standard-setting body whose objectives are to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe, and stable insurance markets for the benefit and protection of policyholders and to contribute to the maintenance of global financial stability.