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Insurance Institute of Botswana launches

Permanent Secretary in the Ministry of Finance and Development Planning, Mr Solomon Sekwakwa says the Insurance Institute of Botswana (IIB) is an important part of the economy in the financial sector.

Speaking at the IIB official launch , Mr Sekwakwa said the institute ensured that the industry had the right people who would understand the context of insurance when asked to regulate.

He said the institute came at a time when the whole industry geared at enhancing its image hence the ministry’s support and intent to work with IIB going forward.

Nonetheless, he said there was need to bridge gap between local industry and their international counterparts so as to match best standards.

Also, he said it was vital for the industry to have a smooth functioning space in the economy and thus called on all people in the insurance profession to work hard to serve Botswana’s economy.

“Issues discovered globally are forcing us to tighten our operations hence don’t allow any dirty money to pass through our country,” he said.
Non-Bank Financial Institutions Regulatory Authority (NBFIRA) deputy director, Mr Phineas Sesinyi explained that the Insurance Industry Act was passed by Parliament in July 2015 but was awaiting recommendations.

Mr Sesinyi said the change of the Act was necessary and important because the current Act of 1987 was old.

He indicated that changes did not address the current business environment because it was not adequate and flexible.

Further, he said the amendment was necessitated to enable NBFIRA to do risk based supervision , among other things. ENDS

Source : BOPA

Author : Portia Ikgopoleng

Location : GABORONE

Event : IIB official launch

Date : Jun 05 Sun,2016

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