NAICOM assures on industry reforms

From Edet Udoh, Lagos

The Commissioner for Insurance, National Insurance Commission (NAICOM), Alhaji Muhammed Kari, has reminded insurers in Nigeria that reforms in the industry will not stop but continue.

Kari gave the reminder in his remarks at the first Annual Insurers’ Committee Retreat held in Park Inn Hotel, Abeokuta, Ogun State recently.

He said in the last few years, the insurance industry has witnessed a series of changes owing to the new reforms embarked upon by NAICOM.

These reforms, according to him, included financial reporting reforms, No Premium No Cover, Corporate Governance Code, Risk Based Supervision, Information and Communication Technology advancement, Financial Inclusion, Claims Settlement, Market Conduct, Expansion of Distribution Channels, etc.

NAICOM boss said all the reforms are aimed at building confidence, trust and enhancing market value, saying, “It is pertinent to note that these changes are imperatives and have arguably had a considerable impact on efficiency, market structure and performance in the insurance industry.

“Suffice it to say that these reforms will not stop but continue. We shall continue to introduce new reforms and initiatives in line with international best practices in our march towards achieving our full potentials,” Kari said.

He said retreat will go a very long way in redefining the future of insurance and reposition it for self-actualization in terms of growth and development even as he urged Chief Executive Officers of insurance companies to relax and make themselves comfortable in the discussions to analyze and address issues hindering the growth of the sector.

Kari who expressed regret that as an industry they have come short in their contribution to national development said their gathering was to redefine the future of the industry to contribute significantly to national development.

“I need not remind us that we are gathered here to redefine our collective future as an industry. As an industry, we have come short in contributing our expected share to national development and other expectations like evolving financial inclusion to financial services deprived part of the Nigerian population,” he said.

Irked by absence of CEOs at meetings organize by NAICOM, Kari said the Commission will no longer admit representatives of insurance companies Chief Executive Officers (CEOs) into any meeting or event meant for CEOs only.

He said the act of sending representatives who would neither have the voice nor the mandate to either accept or disagree with a decision, only to report back to the CEO a narrative of what might transpired, will henceforth not be tolerated.