From left: President, Chartered Insurance Institute of Nigeria, Mrs Funmi Babington-Ashaye and Head of Service of the Federation, Mrs Winifred Ekanem Ita-Oyo, during a courtesy visit to the Head of Service in Abuja.
. Lauds Kari’s sterling leadership qualities
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Chuks Udo Okonta
The Chartered Insurance Institute of Nigeria (CIIN) has once again, taken the demand for better recognition and placement of insurance professionals in the public service to the Federal Government.
Its President, Mrs Funmi Babington-Ashaye, who made the demand at a courtesy to the Head of Service of the Federation, Mrs Winifred Ekanem Ita-Oyo, noted that the institute had received complaints that some of its professionals are not adequately placed compared to their counterparts in accountancy and other professions in the service.
“Permit me to bring to your attention the issue of the recognition and placement of our professionals who are employed in the civil service. We have received the complaint that some of our professionals are not adequately placed compared to their counterparts in accountancy and other professions in the service.
“The Federal Ministry of Education visited our institute and carried out the evaluation of our certificates on April 8, 2010. The purpose of their assessment is to advise the office of the Head of Civil Service of the Federation on the standard/rating and relevance of the professional qualification of the Chartered Insurance Institute of Nigeria. The 9-member Expert Assessors Committee made their recommendations on our certificates. Their recommendations were accepted by the Ministry.
“At the end of their visit an evaluation report was issued in respect of our professional certificates as follows: Certificate:Certificate in Insurance would be rated as proficiency certificate for the enhancement of skills on the job.
“Diploma:Holders of the Diploma in Insurance should enter into post on salary grade level 06 in the Public Service.
“Advanced Diploma: Holders of Advanced Diploma in Insurance with an entry qualification of Diploma and 3 years post qualification experience should enter into post on salary grade level 07 in the Public Service.
“Advanced Diploma: Holders of Advanced Diploma in Insurance with an entry qualification of HND/BSC in Insurance should enter into post of Salary grade Level 09 in the public service.
“We were advised to write through NAICOM and Federal Ministry of Finance our supervising Ministry to the Head of Service so that these recommendations can be gazetted as recommended by Federal Ministry of Education. This has been done and we are still awaiting the official response from the Office of the Head of Service. We shall be grateful if this is given the due attention it requires,” she said.
From left:,President, Institute of Loss Adjusters of Nigeria, Femi Hassan; Past President, Chartered Insurance Institute of Nigeria, Lady Isioma Chukwuma; President, Mrs Funmi Babington-Ashaye; Guest Speaker and Commissioner for Insurance, Mohammed Kari and President, Nigerian Council of Registered Insurance Brokers, Shola Tinubu at the event.
Babington-Ashaye, also at the Institute’s Breakfast Seminar in Abuja, commended the National Insurance Commission (NAICOM) under the leadership of Mohammed Kari, stressing that his expertise and sterling leadership qualities, has positively impacted the industry.
“As we all know, one of the key statutory functions of the National Insurance Commission (NAICOM) is to establish standards for the conduct of insurance in Nigeria. Environments or sectors without rules, regulations and standards will be characterized by sharp and unethical practices, unhealthy competition, stunted growth and survival of the fittest where the weak is at the mercy of the powerful.
“No meaningful business can take place in such environments. It is to prevent these unacceptable practices and ensure a level playing field, that regulations are put in place. As professionals, we cherish decent industry governed by rules, regulations and standards. However, without the monitoring and enforcement of compliance to such standards, our dream of a vibrant insurance industry will not be achieved,” she added.
She said there is no doubt that NAICOM has continued, in line with its statutory powers, to play its roles of issuing, monitoring, enforcing compliance and sanctioning non-compliance to standards, with distinction over the years.
She called on key players in the industry – underwriters, brokers, loss adjusters, actuaries and agents to reciprocate and consistently play by the rules and standards with great ethical disposition as a long term strategy for the sustainability of the sector.
“This is a survival mandate we can ignore at great cost. Any practice that sacrifices the ethics of the profession will only lead to regulatory sanctions, avoidable loss of financial resources, loss of business and goodwill. With time, such entity will be foreclosed. No one desires this. Therefore, we must continue to walk our talk as insurance practitioners,” she posited.
Kari, at the event noted that insurance needs adequate regulation given the inverted production cycle, where the payment made upfront exacerbates the need to protect the product that consumers buy.
He maintained that effective insurance regulation enthrone good market conduct which ensure fair treatment of the consumers, financial inclusion, incentivise risk reduction behaviours and facilitating economic recovery after a loss has occurred, stressing that regulation is an essential part of increasing access to insurance, while advancing economic growth, sustainable development and human dignity.
