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Chuks Udo Okonta
The National Insurance Commission (NAICOM) has said due to its concern for specialised regulators’ training it will be establishing the NAICOM Academy which will not only serve her training needs, but also those of other regulators in the West African sub region.
The Commissioner for Insurance Sunday Thomas, disclosed this today in Lagos at the investiture of the 50th President of the Chartered Insurance Institute of Nigeria (CIIN) Sir, Muftau Oyegunle.
He assured the CIIN that the academy will not compete, but complement the activities of the institute for the benefits of insurance business and insurance profession.
He welcomed Sir. Muftau Oyegunle, on board as the President and Chairman in Council of the Institute, stressing that Sir Oyegunle, is one of the visible practitioners and committed elders in the industry.
“He is indeed, an insurance practitioner of high repute. Oyegunle has had a long history with the Institute, working with different presidents at different times as member of the Council.
“We expect that as you receive the mantle of leadership which symbolises power and authority in determining standard and practice of our profession, you will bring the experience garnered over the years to bear in the discharge of your new responsibility,” he said.
Thomas said the Commission is committed to development of insurance across all strata and would continue to do more to ensure inclusive development of insurance, adding that it is no longer news that the Commission is committing huge resources to actuarial development in the country in collaboration with the institute through the College of Insurance and Financial Management.
“Let me assure the incoming President and his team that the Commission will continue to collaborate and support the Institute where possible, for the attainment of quality education, training and improved ethical behaviour of practitioners,” he added.
He urged the Institute to embrace technology as one of its key drivers for development, adding that the Institute should be prepared to digitalize its processes, procedures and systems in order to make its operations seamless and real time. “As a professional Institute, your communication and engagement with your stakeholders cannot be encumbered by disruption to physical interactions.
“I want to challenge the new leadership of the institute to make this a priority in its agenda. Of course, training and deliberate exposure of existing members of the institute to new technology would also go a long way in reshaping their perspectives,” he said.
According to him, public perception of insurance business still remains very low largely due to the unacceptable professional conduct of very few of CIIN members. The Institute, he said has a pivotal role to play in rebranding and reshaping the ethical behaviour of members to ensure that every member is a true representative of the core values the insurance profession stands for.