COMMUNIQUÉ ISSUED AT THE END OF THE 2ND CONFERENCE OF THE NATIONAL ASSOCIATION OF INSURANCE & PENSION CORRESPONDENTS (NAIPCO) ON WEDNESDAY, OCTOBER 25, 2017 AT ORIENTAL HOTEL, LAGOS. WITH THE THEME “LEGISLATION OF INSURANCE: INTRIGUES, INTEREST, GOVERNANCE AND THE PEOPLE”.
1. That regulation of Insurance and Pension Industries should be domesticated to suit the local environment irrespective of where they have been imported from.
2. That regulators and government agencies should eliminate bureaucracy and avoid copying other climes without understanding the stage in maturity of the industry and impact because of local peculiarities.
3. That there must be commitment to implementation of regulations and policies to drive development of the sectors.
4. Regulators should move from the platform of revenue generating rules to the platform of creating and maintaining efficient and effective growth industries.
5. That there is should be no competition between the insurance and pension industries, as both sectors are to complement each other for the benefit of the consumers.
6. That insurance and pension operators must protect their vulnerable customers, threat them with fairnessand allow them to exercise their rights to choose the retirement solution that meets their need.
7. Insurance industry should stop rate cutting, improve on claims payments, service delivery to become competitive and profitable to be able to attract more investment.
8. That Insurance Operators like their pension counterparts should collaborate with the regulator to develop and grow the industry, and shun litigations that undermine progress.
9. That, insurance companies still holding onto legacy funds of government agencies and parastatals should return them to PTAD to enable regular payment of pensioners and senior citizens who have used precious parts of their lives to serve the nation.
10 .That the Media, though have done well should do more with write-ups, follow-ups and developmental article that would lead to rejuvenation and healthy practice in the insurance and pension industries.