The African Insurance Supervisory Authorities( OAISA) now has its headquarters in Cameroon’s political capital, Yaoundé.
A headquarters agreement to that effect was signed on June 21 in Yaoundé. Boubacar Bah, President of the Executive Committee of OAISA signed for his organization, while the Minister Delegate in charge of Cooperation with the Common Wealth, Felix Mbayu signed for Cameroon.
The agreement comes 34 years after the creation of OAISA in Cameroon. Since 2016, the government of Cameroon has provided financial and technical support worth over 148 billions for the setting up of the headquarters.
Based on this agreement, OAISA will now enjoy full extraterritorial status and shall be inviolable. The agreement guarantees immunity and protection of expatriate staff, advantages to local staff.
Fostering inter-African cooperation.
One of the objectives of the OAISA is to promote cooperation among African Insurance Supervisory Authorities. OAISA also contributes to building the capacities of actors in insurance supervision in Africa.
Thanks to the agreement, activities of the insurance market in Cameroon will henceforth be fine-tuned.
Speaking during the event, the Minister Delegate in charge of Cooperation with the Common Wealth, Felix Mbayu said the agreement is a “gift that will allow OAISA to establish the headquarters, and expand its fields of action and its socio-economic impact for the benefit of the populations.”
The President of the Executive Committee of OAISA, Boubacar Bah told the press that “There will be an important socio-economic impact for the entire African population. Having the headquarters in Cameroon will bring social protection which is very important. It will also ensure that all African countries respect the laws governing the insurance market.”
OISA is a non -profit organization created in Yaoundé in 1989. It is currently recognized by over 50 African governments. Cameroon became a founding member on September 17, 2017. Since it’s creation, OISA has had a huge socio-economic impact in the insurance and reinsurance market in Cameroon, spending an estimated FCFA100 billion yearly.
Membership is open to UN member states and any other entity recognized by member states involved in insurance supervision.
OISA was created with the main objectives of ensuring the development of a healthy insurance and reinsurance industry in Africa.
Kathy Neba Sina