The Namibia Financial Institutions Supervisory Authority (NAMFISA) has announced that Erich Gariseb, General Manager for Insurance and Medical Aid Funds, has been admitted to serve on the International Association of Insurance Supervisors’ (IAIS) Risk-Based Solvency Implementation Forum.

The Risk-Based Solvency Implementation Forum aims to support Emerging Markets and Developing Economies (EMDEs) jurisdictions to advance their observance of the IAIS supervisory material and strengthening Members’ supervisory frameworks, especially as they navigate the complexities of establishing risk-based solvency regimes.

The Forum develops guidance for EMDE regulators on practical aspects of implementing a risk-based solvency regime and facilitates the exchange of experiences amongst regulators on the transition to, and technical aspects of, riskbased solvency regimes.

Gariseb’s extensive industry background, including his tenure with the Johannesburg Stock Exchange (JSE) and London Stock Exchange listed financial services companies, positions him well to contribute to advancing supervisory material and the strengthening of members’ frameworks, particularly as they transition towards risk-based solvency regimes.

NAMFISA’s CEO, Mr Kenneth Matomola, stated that this is a significant achievement for the Authority and Namibia.

“As the Namibian non-bank financial services sector undergoes its own transition from a Compliance-based Supervisory Framework to a Risk-based Supervisory Framework, having Erich Gariseb on the IAIS’ Forum holds immense benefits for the country,” said Matomola.

“We are confident that his experience will not only contribute to the global dialogue on risk-based solvency but also directly benefit Namibia as we navigate our own regulatory transition.

“This further aligns with our commitment to global best practices and reinforces our dedication to steering the transition towards a more resilient regulatory framework.”

Gariseb stated, “I am honoured to represent NAMFISA at the Forum. Namibia’s transition aligns with international trends, and I look forward to collaborating with global experts and make a meaningful contribution to the global dialogue on risk-based solvency frameworks.”

NAMFISA extended its congratulations to Erich Gariseb on this achievement and said it remains committed to supporting initiatives that promote international cooperation, harmonization and strengthening of the regulatory landscape for the benefit of policyholders and insurers.

Established in 1994 and headquartered in Basel, Switzerland, the International Association of Insurance Supervisors (IAIS) is a global standard setting body for insurance regulators and supervisors from more than 200 jurisdictions, constituting 97% of the world’s insurance premiums.

Its mission is to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe, and stable insurance markets for the benefit and protection of policyholders, as well as contribute to global financial stability.

In the photo: Erich Gariseb.