During the 22nd annual general meeting of the Insurance Association of The Gambia (IAG) held at the Corintia Atlantic Hotel yesterday, members of the association have unanimously agreed and hoped to work towards establishing a National Insurance Commission (NIC) of The Gambia, which will help to address all the insurance related issues in the country.

The commission, if established, is expected to ensure wider awareness on the importance of insurance by individuals, organisations (both public and private) and the society at large. It will also prevent the abuse of insurance practices by some of the operators. The theme of this year’s general meeting is "working towards a national insurance commission for The Gambia."

Dawda Sarge, president of the Insurance Association of The Gambia stated that the idea of establishing a national insurance commission is to provide a common platform for insurance companies to operate adequately and more efficiently. According to Sarge, it is essential for government to put in place a regulatory system that will help people in meeting their desired needs. He explained that the insurance association of The Gambia chose the theme as a step for the realisation of an autonomous association in the country that will effectively address issues that are related to insurance and will also serve as a kind of legislation for the Insurance Association of the Gambia. He observed that the theme of the meeting was indeed very pertinent and timely, which provided them the opportunity to articulate as how they can regulate and adequately respond to insurance needs.

Sarge challenged his colleagues in the insurance sector to be ready to take up responsibilities in order to make the commission workable when established. He also used the platform to thank the government of The Gambia for regaining the insurance sector as well as the Department of Trade, Industry and Employment. Delivering a lecture on the theme of the meeting, Dr. Prince Mike Ikupolati, director general of the West African Insurance Institute (WAII) told the IAG members that there is no rational alternative for education. For people to move forward, he stated, they must look for knowledge. He explained that before any insurance industry can contribute to national development, the financial system of that industry must be enhanced for sustainability.

Ikupolati further told the gathering that The Gambia government’s regulation of insurance operation would bring to light a safe and fair market among insurance companies in the country. According to him, the effectiveness of a regulatory body depends on its independency and the practice of an efficient insurance industry demand for the public to have confidence in them. If the insurance is strong and vibrant, he went added, it will translate the challenges of the people in an easier manner.

He told the gathering that the Insurance Commission Act as an advisory body to the government on all insurance matters. "It also gives approval to conditions and warranties applicable to all compulsory classes of insurance business," he explained. Director Ikupolati then reminded participants that in order to make the commission functional when established, they must empower it, observing the fact that no insurance commission can be independent without the inclusion of the security unit.

Freder CKB John, deputy managing director of Great Alliance Insurance Company, put to his colleagues in the insurance sector to task and develop in themselves, an internal cohesion in a bit to work cordially in the pursuit of their set target goals. Momodou Sellou Bah, National Assembly member for Basse, urged the AIG members to review the commission before putting it into force. He expressed the National Assembly’s unflinching support to any emerging development that will be meaningful for the people.