Sadc insurance laws to be harmonized as Zim eyes hosting the CISNA regional office

Sadc insurance laws to be harmonized as Zim eyes hosting the CISNA regional office


HARARE, The Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA) is looking at harmonizing laws governing insurance and capital markets across the Sadc region.

CISNA chairman Tafadzwa Chinamo told a press conference that this was in line with the Sadc’s principles for trade integration, increased cooperation and inclusive growth across the region.

He said this would ease business across the region, while enhancing the effectiveness of regional financial regulatory and supervisory frameworks in line with applicable global regulatory principles, standards and best practice.

“There is need to harmonize our laws and build capacity in the region. It should be easy for an operator licensed in Zimbabwe to set up in Mozambique,” he said, adding that the region could take a cue from the European Union where member countries can operate within the region without much hustle,” he said.

Zimbabwe will from November 8th to 9 host the 39th Bi-Annual CISNA conference in Harare where the drafting of the model rules will happen.

The  country will also bid to host the SADC Committee for Insurance, Securities and Non-Bank Financial Authorities (CISNA) regional office while incumbent chairman Tafadzwa Chinamo whose first term ends next month indicated willingness to stand for a second term if elected.

Chinamo said this year’s event will attract in excess of 80 foreign delegates and the conference will be officially opened by Finance Minister Ignatius Chombo this Friday.

CISNA fall under the SADC Directorate of Trade, Industry, Finance and Investment (TIFI) which is mandated with the coordination of regional trade and financial liberalization.  It comprises the non-banking financial institution authorities – capital markets, collective investment schemes, insurance companies, retirement funds and providers of intermediary services in the Sadc.

It also aims at reducing the potential for systemic risk, informing and protecting consumers, mobilising capital flows and contributing to prosperity in the Sadc region.