Insurance

NAICOM stops insurance CEOs representatives to major events

Kari

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) has said it will no longer admit representatives of insurance companies Chief Executive Officers (CEOs) into any meeting or event meant for CEOs only.

Commissioner for Insurance, Mohammed Kari, disclosed this at the just concluded 1st Annual Insurers’ Committee Retreat, held in Abeokuta, Ogun State, adding that 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.

“One would therefore expect that attendance at meetings and retreats of the Committee will be an imperative and not an option for all members. It is sad to note that this is not the case. Even when notices for meetings and this particular retreat were given well in advance, some CEOs still find reasons not to be in attendance preferring instead to send representatives who would neither have the voice nor the mandate to either accept or disagree with a decision but only to report back to the CEO a narrative of what might transpired.

“This is unacceptable. Henceforth, the Commission shall not admit a representative of a CEO into any meeting or event called by it for CEOs only. You are either with us or absent against us. For the avoidance of doubts, let me remind you that the Commission is sufficiently busy in the office and could effectively regulate the industry from its offices without having to invite you to these interactions. We are here because we feel the need to involve the regulated in policy and initiative of the industry, but if it is becoming a burden or a nuisance to you, tell us and we would understand,” he said.

He noted that the 2018 retreat was intended to go down in history as the forum where the Nigerian insurance sector got its groove back, stressing that the event provided an avenue for the parties to evolve a workable, achievable and of course, Practicable roadmap capable of elevating the status of the industry far above what currently prevails.

Kari noted that the industry, has come short in contributing its expected share to national development and other expectations like evolving financial inclusion to financial services deprived part of the Nigerian population.

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