The chairman of the Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA), Mr Tafadzwa Chinamo, told journalists that Sadc is working towards harmonizing laws that govern insurance and capital markets across the region.
This is in line with the Sadc’s principles for trade integration, increased cooperation and inclusive growth across the region, and the need to align regional laws with global regulatory principles, standards and best practice.
The harmonization of the law is expected to ease business across the region, as well as strengthening the supervisory frameworks in the region as has been the case in the European Union (EU) where ease of business has been achieved through political and economic integration.
“There is need to harmonise our laws and build capacity in the region. It should be easy for an operator licensed in Zimbabwe to set up in Mozambique,” said Mr Chinamo
“As we move towards regional integration, the work of CISNA is critical in the delivery of financial services to the citizens of SADC,” he said.
CISNA forms part of the Trade, Industry, Finance and Investment Directorate with the Southern African Development Community (Sadc) and reports to the Sadc Committee of Ministers of Finance and Investment through the Committee for Senior Treasury Officials.
CISNA was established in 1998. It consists of the non-banking financial institution authorities, namely, capital markets, collective investment schemes, insurance companies, retirement funds and providers of intermediary services in the Sadc.
In Zimbabwe, the Reserve Bank of Zimbabwe (RBZ), Insurance and Pension Commission (Ipec) and the Securities and Exchange Commission of Zimbabwe are members of CISNA.