The meeting of the bodies is to accelerate the process of setting a new agenda for all WAICA nations -- Gambia, Ghana, Liberia and Sierra Leone to operate under the same regulatory framework.
The Director-General of WAMI, Dr. Abwaku Euglama, disclosed this to B&FT in an interview last week.
The Director General stressed that the need has come following the realisation that all WAICA member-countries operate under common rules.
According to him, WAICA is the umbrella-body of all Anglophone insurance companies while WAMI is the body responsible for preparing the ground for a common currency for the sub-region in two years, to create a common regulatory framework on banking for players in the sector.
He revealed that the insurance sector is the least developed in the sub-region, and the Abuja meeting will bring on-board Guinea.
Dr. Enulama also revealed that the attempt to harmonise regulations will strengthen the cooperation and overall development within the insurance sector of West Africa.
He said the idea is to make sure that laws which apply to insurance companies in Ghana apply to insurers in other states of the West African Monetary Zone (WAMZ)
Dr. Euglama explained further that currently Nigerian insurance companies have set up subsidiaries across the sub-region; as such, the integration will bring a lot to bear in terms of corporate governance.
He revealed that the banking sector has already concluded its harmonisation process for a take-off of the union and the “Ecoâ€, the common currency.
He therefore, called on WAICA member-countries to collaborate in making the integration a reality.
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