NAICOM: Sanitising the insurance sector



IR: Cleaning the Augean stable in any society, sector, domain or country is an arduous task. This is so, because in most cases, corruption usually fights back and when it fights back, it fights vigorously in a bloody manner such that the reputation and good name of whoever is involved is not given the slightest thought.

As Commissioner of Insurance, National Insurance Commission (NAICOM) Kari has not rested on his oars to sanitise the insurance industry. As the Deputy Commissioner in NAICOM, one recalls that his first task was to sign the memo to prohibit illegal payments hitherto seen in the sector. Ever since his appointment as Commissioner in July 30, 2015, he has aligned with change mantra of President Muhammadu Buhari. He believes that the industry cannot be left behind in the scheme of things.

While urging operators and other stakeholders to adhere strictly to the observance of the industry’s codes of conduct and ethics for a healthy practice of the insurance profession, he promised that NAICOM as a regulator will remain committed to high standard of professionalism and ethical behaviour so as to regain the confidence of policyholders and increase insurance contribution to the GDP. He believes that the industry must win the public apathy to the business of insurance, desist from unwholesome practices in the discharge of itsa responsibilities to the insured by playing as true professionals.

The commission under him has since increased its oversight on the operators. In years past, more insurance brokers operated without valid license than those with license. Today the story is different. He enforced the code of corporate governance for insurance companies which was issued in 2009 but was not enforced. The re-launch of the Market Development and Restructuring Initiative (MDRI) which seeks to make Nigeria the insurance hub of Africa has reached an advanced stage.

Just recently, Kari had a running battle with insurance companies and brokerage firms for not capitulating to the wishes of the cabals in the insurance industry. Expectedly, these powerful interests not only have huge resources at their disposal, they deploy it to fight his efforts to rid the insurance industry of corruption. Even with the President’s strong body language against corruption, these powerful interests in the insurance sector seem to not to bother. However, with the support of the President, we have a strong advocate of honesty, probity, dedication and excellence to purge the cancer in the system and drive the insurance industry to greater heights.

Alwan Hassan,

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