ACAPS and Madagascar's Banking and Financial Supervision Commission Sign Cooperation Agreement

Strengthening Institutional Ties

An agreement has been formalized between Abderrahim Chaffai, President of the ACAPS, and Aivo H. Andrianarivelo, President of the CSBF. This partnership reflects a mutual commitment to bolster institutional relations and foster a coordinated approach to supervision.

The collaboration is designed to facilitate regular dialogue and enhance understanding of each authority's practices, ultimately benefiting the insurance sector.

Focus on Key Insurance Sector Challenges

Through this agreement, both authorities aim to develop tailored cooperation strategies that address common challenges within the insurance industry. Key areas of focus include ensuring the financial robustness of operators, effective risk management, and the protection of policyholders.

Additionally, the agreement seeks to adapt supervisory frameworks to the evolving market conditions and practices.

Commitment to South-South Cooperation

This accord is part of a broader South-South cooperation initiative, underscoring the shared commitment of ACAPS and CSBF to enhance institutional capacities and establish effective insurance supervision.

The ultimate goal is to contribute to the stability, integrity, and proper functioning of insurance markets, thereby safeguarding the interests of policyholders and beneficiaries.

About the CSBF

The Banking and Financial Supervision Commission (CSBF) is responsible for the regulation, oversight, and supervision of banking and financial institutions in Madagascar. It ensures the stability of the national financial system and compliance with prudential and governance standards applicable to sector operators.

In the insurance domain, the CSBF carries out specific supervisory and control functions aimed at ensuring the sector's solvency, effective risk management, and the protection of policyholders and contract beneficiaries.