The Commissioner for Insurance, Nigeria, Olorundare Sunday Thomas, has been elected President of the Organization of African Insurance Supervisory Authorities (OAISA).
Thomas’ election alongside his vice president, Issouf Traore of Cote’d’Ivoire, was ratified at the general assembly of the body at Tunis, Tunisia, recently.
The OAISA is an intergovernmental organization eligible for the rights and privileges granted by the 1961 Vienna Convention on Diplomatic Relations.
It is saddled with the objectives of promoting cooperation among African Insurance Supervisory Authorities to share experience in the effective supervision of the insurance industry in Africa for the development of Insurance Markets for the benefit and protection of policyholders; contributing to capacity building and financial stability on the African continent.
The newly elected officials of the organization are expected to serve the continent for a period of two (2) years in the first instance, renewable once.
Recall that Thomas was the pioneer chairman of the West Africa Insurance Supervisors Association, WAISA.