BY NKECHI NAECHE– ESEZOBOR– National Insurance Commission (NAICOM), has said that henceforth managers of failed insurance companies would be blacklisted from taking up positions in the insurance industry.
The commissioner for insurance, Segun Omosehin, disclosed this during an interactive session with journalists in Lagos, that gone are the days that managers of these companies are allowed to walk freely as if nothing happened.
He noted that people who run down insurance companies would be made to remain in the company and revive it.
According to him we have being following statutory processes in handing ailing companies and we are not interested in killing any company rather we want them to survive.
On his performance in office in the last three months, he said: “In the past three months, we have been deeply engaged in a comprehensive effort to chart a new course for NAICOM. This has involved extensive consultations with key stakeholders in the industry, including the Nigerian Insurers Association (NIA), the Institute of Loss Adjusters of Nigeria (ILAN); the Nigerian Council of Registered Insurance Brokers (NCRIB), Association of Registered Insurance Agents of Nigeria (ARIAN); Chartered Insurance Institute of Nigeria (CIIN); Consumer advocacy groups and lawmakers responsible for insurance industry’s oversight functions in Nigeria.
“These engagements have culminated in the development of a strategic blueprint for the future of the insurance sector in Nigeria. At the heart of this plan are five key priorities that will guide NAICOM’s efforts to regulate, supervise, and develop the industry.
He listed five areas of priority he said: Our priority is to rebuild public confidence in the insurance sector. It has to do with love and our desire to prioritize our consumer issues, so we consider safeguarding the policyholders’ interest as paramount. By so doing we believe this will help the industry to rebuild public confidence
“You and I know that one of the key issues we had as an industry is the declining confidence of the public in the sector. That has not been unconnected to some of our entities that have not been able to meet their obligations. We have some ailing entities we have to manage in order not to disappoint the public. Our desire moving forward is to reduce the incidence of not having too many companies falling into that category. The reality on the ground is that we have a few we are managing and we are hopeful to get out of this.
“The second priority is to strengthen NAICOM’s internal capacity to regulate the industry effectively. This includes enhancing the legal and regulatory framework to ensure that the Commission can take decisive action without being challenged by any individual or institution.
“The third priority is ensuring the financial soundness of insurance companies. Operators need to meet their operational requirements, one of which is meeting the minimum capital requirements to enhance the sector’s stability.
“The fourth priority is innovation -with NAICOM creating a new directorate focused on fostering innovative ideas within the industry, to enable us to invite new ideas that can transform the industry because we believe that innovation is key to driving growth and development in the insurance sector
“The fifth priority is improving accessibility and penetration of insurance in the Nigerian market. This includes enforcing compulsory insurance policies and ensuring that insurance benefits reach a broader spectrum of society.”
