NAIC Signs Memorandum of Understanding (MOU) with CIMA
Earlier this month, NAIC President and Idaho Department of Insurance Director Dean L. Cameron signed a memorandum of understanding (MOU) with Mr. Blaise Abel Ezo’o Engolo, Secretary General of the Conférence Interafricaine des Marchés d'Assurances (CIMA).
The MOU provides for assistance to insurance supervisors in both the U.S. and CIMA jurisdictions to maintain efficient, fair, safe, and stable insurance markets. This agreement will serve as the framework for cooperation and allow for an exchange of information and work to strengthen the respective markets to the benefit of citizens in both areas. This ongoing dialogue, technical assistance, and training will help better coordinate regulatory functions under each signatory’s respective laws.
The signing took place following committee meetings of the International Association of Insurance Supervisors held in Dubrovnik.
“The NAIC looks forward to working with the CIMA and its member jurisdictions. Together we can strengthen, support, and learn from insurance markets and regulators in Central and West Africa," said Director Cameron.
"CIMA jurisdictions have been participating in NAIC programs for many years, and we are eager to strengthen our relationship with the NAIC," said Secretary General Ezo’oEngolo.
About the CIMA
Created in 1992 by a multi-States Treaty, the CIMA is a supranational organization in charge of regulating and supervising the insurance industry within 14 African countries including: Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea, Gabon, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo.
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.