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Chuks Udo Okonta
Stakeholders in the insurance industry have expressed concern over the formation of Insurers Committee saying it is a duplication of functions of existing bodies such as the Nigerian Insurers Association (NIA) and Insurance Industry Consultation Committee.
Although the National Insurance Commission (NAICOM) has said the committee has clear cut objectives which are different from the roles played by the NIA and IICC, the stakeholders said all the set objectives of the committee can as well be achieved under the platform of the existing bodies.
An elder in the industry told Inspen that the formation of the committee will negatively affect activities of the existing bodies as the committee consists of people who are also members of the bodies.
He noted that the industry at this point does not need splitter groups, but unified force so as to achieve greatness.
The elder said the formation of the IICC was borne out of the need to close the gap between operators in the industry and wonder why the regulator is coming up with another committee that would further divide the industry.
Observers called on the insurance regulator to take a leave from President Muhammadu Buhari, who in a bid to ensure efficiency consolidated the ministries, adding that the commission should encourage unification as against divisions in the industry.