More Managing Directors of insurance firms to be sacked next year


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Chuks Udo Okonta

Insurance Industry will next year witness exodus of managing Directors as the National Insurance Commission (NAICOM) has vowed to tightened its regulations.

Inspenonline gathered that the Commissioner for Insurance, Mohammed Kari, had at the last Insurers’ Committee meeting held in Lagos, told the Chief Executive Officers of insurance firms to be prepared for strict regulations from January 2018.

It was also learnt that managing directors of some companies are presently being probed and if found culpable will queue behind the former Managing Director, Standard Alliance Insurance Plc, Bode Akinboye, who was fired recently.

A source in NAICOM told Inspenonline that the commission is inundated with complaints stressing that companies with solvency and other issues are being examined, and that they will be handled in line with provisions of the insurance law.

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