By Henry Uche, [email protected]
In a bid to reverse the ugly perception about insurance business and restore its lost glory, the National Insurance Commission (NAICOM) has vowed to leave no stone unturned to deal with persons or corporate bodies that abuse the principles and practice of corporate governance in the sector.
The Commissioner for Insurance, Mr. Sunday Olurundare Thomas who disclosed this at a seminar organised for insurance journalists by the Commission in Lagos recently, said it was high time the Commission stopped every anomalies demeaning the image of insurance business by some unknown actors.
With the theme, “The Future of the Nigerian Insurance Sector in a Shifting Landscape”, NAICOM boss affirmed that the Commission was on course to take insurance business in Nigeria to the global stage, that is to say, the future of insurance business in Nigeria is bright- and that every stakeholder in the entire insurance value chain must conscientiously work towards achieving this set goal.
Thomas reiterated that the Commission would no longer tolerate the activities of persons unknown to the commission who are operating in different capacities at various insurance companies, causing problems and de-marketing the industry in recent time, and would not hesitate to blacklist such players in insurance sector.
“We shall consciously pay due attention to issues of corporate governance practice in our industry. Enough of unguided practices by some unknown persons. Anybody not known to the Commission who is playing a strategic role in any insurance company will be dealt with. We will make sure that such persons does not participate in the insurance business in this country anymore. We shall not tolerate any form of abuse of corporate governance in insurance industry,”
Moreover, given the level of devastation caused by the recent floods and other incidents which have set life and property at risks, the insurance regulator revealed that it is seriously engaging state governments to domesticate insurance laws and ensure compliance with compulsory insurances and promote the business of insurance in their respective states.
He charged insurance reporters to do their job passionately to promote insurance business in the country by focusing more on educating the public on the relevance of insurance. “A lot of us are still struggling with what has changed and how to really sort facts from fiction in the environment. Thus, the media has a lot to do if insurance business must grow in Nigeria. Let’s tell the public what they need to know as critical partners in this course.
“As regulators, we would continue to consolidate on the administration’s cardinal agenda of developing the market and fostering insurance inclusion along with mutual collaboration of the press and other relevant stakeholders.
“It is worth noting that insurance over the ages has always been seen as a business that exists for the survival of other businesses. At this period of rejuvenation, it calls for the Nigerian insurance sector to develop innovative products and distribution channels, embark upon massive infrastructural development, improvement in social safety nets scheme, rejig business continuity plans and general deployment of technology to meet the expectation of today’s consumers and create new experiences that add value.” Thomas who expressed optimism in the sector under discourse posited that the Commission would continue its execution of various regulatory and market development initiatives to uplift the insurance sector.