KAMPALA - Boards of Directors of insurance service providers within the East African region will meet in Kampala next month to share best practices and governing regulations that affect the sector’s performance.

Organized by the Commonwealth Secretariat, the meeting will be held from March 9, bringing together insurers from Rwanda, Uganda, Kenya, Tanzania, Malawi and Zambia.

An advisor at the Commonwealth Secretariat, Cheryl Bruce, said that the need for such meetings is becoming increasingly important following the failure of financial institutions worldwide.

"The objective of the workshop is to engage participants in sharing knowledge about procedures and techniques to guide an effective supervisory regime,” Bruce said in a statement.

She added that the Boards of Directors are at the forefront of emerging innovations and policies which ensure sound corporate governance and the compliance of insurance companies with both domestic and international standards.

"Although the insurance sector has not suffered spectacular damages like some of its banking counterparts, the financial crisis brought to light weaknesses in the overall supervisory procedures and spurred tighter controls and more efficient monitoring processes,” she said.

Ends