Don't Send Reps to Insurers' Committee Meetings—NAICOM Warns

By Modupe Gbadeyanka

The National Insurance Commission (NAICOM) has frowned at Chief Executive Officers of insurance companies operating in Nigeria sending representatives to Insurers’ Committee meeting.

Commissioner for Insurance (CFI), Mr Mohammed Kari, warned that henceforth, the commission will no longer admit representatives of CEOs at the meetings.

According to him, “These representatives have no voice or mandate to accept or disagree a decision taken at the meetings because they need to report back to the CEOs.”

“This would no longer be acceptable, you are either present with us or absent against us,” Mr Kari said at the First 2018 Annual Insurers’ Committee’s Retreat held in Abeokuta on Saturday.

“There is need to involve those being regulated in policy making and initiatives of the industry,” he added.

The NAICOM top shot disclosed at the event that the idea of the Insurers’ Committee was borrowed from the Bankers Committee, noting that the committee is a platform for the highest echelon of the insurance industry.

“It consists of top management of NAICOM and the CEOs of insurance companies who are to dialogue on issues, challenges and proffer solutions for the development of the insurance sector,” he explained.

Speaking further at the retreat themed ‘Repositioning the Insurance Industry in Nigeria for Self-Actualisation and Growth,’ Mr Kari said the commission expected that attendance at the committee’s meetings and retreats should be imperative and not optional.

“However, it is sad to note that this is not the case.

“Even when notices were given, some CEOs would give reasons not to attend and would send representatives,” he lamented.

The Commissioner said in the last few years, the insurance industry has witnessed series of changes due to reforms embarked upon by NAICOM.

“These reforms include Financial Reporting Reforms, No Premium No Cover; Corporate Governance Code, Risk-Based Supervision, Information and Communication Technology Advancement, Financial Inclusion and Claims Settlement, all aimed at building confidence, among others,” he said.