The National Insurance Commission (NAICOM) has stepped up action to ensure that board of directors and management exhibit reasonable level of professionalism in running of insurance companies.
NAICOM believes that to ensure stability of insurance companies actors in the business must take responsibility for their actions and be accountable for their decision at any given time.
Mohammed Kari. Commissioner for Insurance made the observation at the 2016 Professional Insurance Forum organised by the Chartered Insurance Institute of Nigeria (CIIN) taking place in Abeokuta.
Kari said a situation where the CEO will claim ignorance of certain decisions taken by the board chairman or directors are over.
He said that the enforcement of code of corporate governance must cut across all actors in the business.
Kari however charged the Institute to ensure that individual’s excesses are curbed by the enforcement of its codes and by-laws that already exist and by making them tougher where necessary.
“I am calling on the institute to bite the bullet and work with us to rid the profession of the remaining bad eggs where ever and whoever they may be”.
“The insurance professional’s role in Board oversight responsibilities is to bring in his professional competence and ethical orientation into play in Board deliberations. In this regard he is expected to provide explanations and clarifications on issues when necessary in the course of the Board’s work. This is more so on technical insurance issues. He is also expected to bring the professional orientation of integrity and objectivity in his contribution in Board’s decision making. The insurance professional should use his membership of the Board to raise the quality of discussion in Board meetings and, over time, assist other Directors in developing improved perspective on insurance and ethical issues”.
Isioma Chukwuma, president, CIIN said the Institute will continue to ensure training and retraining of its members to equip them with new trends and development in the global economy.
“The simultaneous development of the various sectors of the economy will energize economic activities, promote investment and impact on the demand for other ancillary support services such as Insurance. The Insurance professionals must therefore key into the vision of the government’s economic diversification activities and position the industry appropriately.”
Yetunde Onanuga, deputy governor, Ogun State in her remars appreciated the impact of insurance on the economy
She acknowledged the the CIIN for keying into the Cardinal Programme of the state govt especially the provision of affordable and qualitative education through the donation of textbooks to secondary schools in the state
Onanuga promised that Ogun will partner with the CIIN in promoting insurance culture in the state and also to enforcing compulsory insurances.
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