Insurance World

Poor Governance Structure Responsible For Failed insurance Firms, Says NAICOM

BY NKECHI NAECHE-ESEZOBOR— The National Insurance Commission (NAICOM) has attributed the death of Insurance companies to poor governance structure of firms.

The Commissioner for Insurance, Mr Sunday Thomas disclosed this at the 2021 annual seminar for insurance journalists held in Lagos that corporate governance guidelines will change the way companies are being run in the country.

He said “companies don’t fail on their own, people make companies to fail. Companies don’t die, companies are killed and the death of companies involves some poor governance structure.

“We are aware that effective from the 1st of June the corporate governance guidelines has become effective. This is to make sure that whatever resources that are put into the insurance sector is well protected.”

According to him the commission is committed to getting the concurrence of the Minister of Finance for a guideline that would make it mandatory for all Federal Government firms to make adequate provision for their insurances.

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