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Chuks Udo Okonta
The National insurance Commission (NAICOM) has called on insurance operators to henceforth exhibit zero tolerance for unethical vices or face the law.
The Commissioner for Insurance Mohammed Kari, who said this at an event in Abeokuta, said the call has become necessary as most of the actions of the operators are actually criminal.
He noted that the industry must urgently embrace change so that it can take advantage of the prevailing opportunities.
Kari called on the operators to learn from their past, be realistic with their present “Change Rhythm” and project into the future with calculated assumptions, simulations, forecasting that secures the future of their business.
“Whilst the Commission will remain focused on the issues relevant for the protection of policyholders, I want to state that the Commission is akin to support the Institute in its drive for high standard of professionalism and will take definite steps to ensure that this is achieved, sufficiently to grow and develop our Market. The Commission is also empowered in law to enforce a Code of Ethics. If the Industry does not, then the Commission has no option then to criminalise the enforcement.
“My professional colleagues, the Industry certainly cannot achieve the success it craves especially from the deliverables of the Summit and the Conference recently held, in an atmosphere of distrust, chaos, unprofessionalism and suspense without unity of purpose.
“Market indiscipline among practitioners, Boards and Management conflicts may degenerate to threatening the stability of some of our Companies. The implication of such practices on the insurance industry in this new Nigerian business environment is the gradual diminution of our professional relevance as a veritable shield for the financial sector of the economy. We must all have zero tolerance for these unethical vices,” he maintained.
He noted that the changing Nigerian business environment offers insurance industry the opportunity to re-adjust its governance, portfolio management, operational structures and leverage on regulatory direction of the Commission.