The Chartered Insurance Institute of Nigeria (CIIN) has threatened to withdraw professional certificates issued to insurance practitioners who engaged in unethical practices.
Its President, Sir. Muftau Oyegunle, said this at the CIIN’s 2020 graduation and fellowship awards ceremony in Lagos, adding that the certificates can be withdrawn from the holders if the Institute has good reasons to do so.
He explained that the reason for such withdrawal of certificates could emanate from acts unexpected of a holder of the institute’s professional qualification and unethical behaviour. “This policy remains in force. I sincerely hope that there will not be an occasion where the Institute is required to do so,” he said.
According to him, all certificates issued by the institute remain the institute’s property, noting that, “as we have been appointed the power to give, we have equally been empowered with the mandate to retrieve or revoke. Instilling ethical behaviour among insurance professionals is the principal way to improve corporate governance and ultimately improve the public image of the insurance business”, he said.
Oyegunle noted that by attaining the institute’s professional qualification, the inductees have become custodians of the ethics and codes of practice of the noble profession and that the institute has a code of ethics for insurance practitioners in Nigeria, which purpose is to set forth the values, principles and standards that will guide the conduct of all insurance practitioners.