Kenya to Host EAISA Secretariat for Five Years as East Africa Moves to Harmonise Insurance Supervision

NAIROBI, Kenya Sep 18 – Kenya has been selected to host the East African Insurance Supervisors Association (EAISA) Secretariat for the next five years as insurance regulators from across the region move to strengthen cooperation and harmonise supervision.

The decision was reached during the EAISA Regional Meetings held in Nairobi from September 16 to 17, bringing together insurance regulators from Burundi, the Democratic Republic of Congo (DRC), Kenya, Rwanda, Tanzania and Uganda.

The meetings considered initiatives aimed at strengthening regional regulatory cooperation, consumer protection, technology-enabled supervision and the harmonisation of insurance regulation within the East African Community (EAC).

Under the resolutions adopted in Nairobi, Kenya will provide a permanent institutional base for coordinating EAISA’s regional activities during the five-year period.

The regulators also adopted a harmonised Insurance Core Principles assessment template to facilitate consistent assessment of member regulators against international supervisory standards.

The framework is expected to support identification of regulatory gaps and promote peer learning among insurance supervisors across the region.

The meeting also approved the progression of the Regional Integrated Insurance Supervisory Software (RIISS), which is intended to strengthen information sharing and supervisory effectiveness through technology.

The regulators supported a harmonised regional approach to digital transformation, with a focus on interoperability, consumer protection, cybersecurity, efficiency and improved access to insurance services.

EAISA also approved the development of a harmonised EAC Insurance Sandbox Regulatory Framework.

The framework is expected to provide a common regulatory approach for responsible innovation while facilitating greater cooperation among insurance regulators across member states.

Consumer protection featured prominently in the decisions reached during the Nairobi meetings.

EAISA approved the further development of Regional Guidelines on Insurance Complaints Management, aimed at establishing common minimum standards for fair, timely and effective handling of insurance complaints.

The guidelines will take into account the different national legal frameworks governing insurance regulation in member states.

The regulators also approved the development of regional monitoring and evaluation guidelines to improve the comparability of insurance market data and support evidence-based supervisory decision-making.

The meeting noted progress towards the adoption of the EAISA Constitution and urged member regulators to conclude their respective national approval processes.

The association also approved the development of a Governance Charter to strengthen accountability, transparency and institutional effectiveness while clarifying roles within EAISA.

The decisions are expected to deepen cross-border cooperation among insurance regulators and support the development of a more integrated regional insurance supervisory framework.

The Nairobi meeting brought together regulators from Burundi, the DRC, Kenya, Rwanda, Tanzania and Uganda as EAISA seeks to promote coordinated insurance supervision across the East African Community.