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Chuks Udo Okonta
The Nigerian Insurers Association (NIA) hopes to share knowledge with Judicial Officers, Magistrates and Judges on the workings of insurance business and to fully equip them towards responding adequately to the rising cases of fraudulent claims, it Chairman, Eddie Efekoha, has said.
Efekoha, who disclosed this in Lagos, said insurance as an instrument for financial intermediation is often misunderstood by policy makers; stressing that it has become necessary to enter into constructive engagement with relevant stakeholders.
He noted that the association would also engage legislators to foster laws that would aid the industry.
“We will engage with the legislators in the process of making laws that affect the economy at large and insurance industry in particular. You will all agree with me that they are a major stakeholder whose support the industry would require at all times. The various bills before the National Assembly require concerted efforts to push through the industry position. It is only with the active engagement with the lawmakers that the industry can protect its business interests,” he said.
Efekoha maintained that his tenure would enforce market discipline and build trust that would help deal with issues of market indiscipline.
“During my tenure collaborative efforts will be made at enforcing market discipline amongst industry players. This will involve engagement with colleagues and partners in the industry to encourage market development and sustainable business practice in the industry.
“The Association operates under the tenets of a Self Regulatory Organization (SRO). This presupposes that it works through the instrumentality of peer pressure. We will try to build trust and provide leadership so that some of the issues of market indiscipline are promptly dealt with,” he said.