NAICOM tasks Insurance Brokers to protect industry’s integrity
Mr. Olorundare Sunday Thomas, NAICOM boss
The National Insurance Commision (NAICOM), has called on insurance Brokers to protect industry’s integrity by demonstrating professionalism in their dealings in order to improve the image and perception of the industry in the country.
The call was made by the Commissioner for Insurance/Chief Executive Officer, National Insurance Commision, Mr. Olorundare Sunday Thomas, in his goodwill message at the Nigerian Council of Registered Insurance Brokers (NCRIB) 2020 CEOs’ Retreat in Abuja today.
According to him, …”let me task you on business etiquette and ethics in all your
professional dealings. Note that the unprofessional conduct of a few amongst you is posing great danger to our collective integrity as an industry. Over the years, a lot has been put into improving the fragile image and perception of insurance in this country. It is high time we all rise up to the menace of unethical business behaviour in our sector.”
He said “As the insurance industry positions itself for Post Covid-19 Era, the demands of the insuring public will require sound work ethics for us to optimize performance”, adding “As intermediaries, business sincerity and customers’ satisfaction must be central to your core business principles.”
In their drive for business growth and development, Thomas said the Commission has always and will at all-times extend her full support to all stakeholders in the industry, stating that “the Commission is open to new ideas and shall continue to introduce new reforms and initiatives in line with international best practices that will strengthen our institutions.”
On behalf of the Federal Government and NAICOM , he thanked the leadership of NCRIB including all other insurance institutions for their respective donations in support of the Federal Government’s effort to tame the spread of the COVID19 pandemic.
While calling on the operators to align their operations with the new normal thrown up on them by the COVID-19 pandemic, he noted that what this situation has thrown up is that there must be a paradigm shift from our usual way of business practice, adding that “It is therefore imperative on us to embrace and align our businesses to the new world order if we must be seen to be relevant.”
Speaking further, he said: “Ladies and gentlemen, your Regulator NAICOM is also adjusting to the challenges and/or opportunities which the pandemic has imposed on the socio-economic and business environment. Among the fall outs of Covid -19 are the following: The Recapitalization Program was reviewed and extended in recognition of the current realities; Automation of the Commission’s processes for prompt service delivery has been fast track; The E-Portal for regulatory submission of various applications by operators and obtaining E-approvals is in the final stage and the Framework for Digitalization of operations (such as IT Standards, Web
Aggregators, Regulatory Sandbox, etc) of regulated entities are in progress.
