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Chuks Udo Okonta
The National Insurance Commission (NAICOM) said an operational line has been drawn for insurance companies in the country.
The Deputy Commissioner Technical of NAICOM Dr. Usman Jankara, said this at a press conference held recently in Lagos, stating that the regulatory action taken on African Alliance Insurance Plc has set in motion the operational line.
He submitted that henceforth any company that crosses the line would be greeted with appropriate regulatory action.
“What we have done with African Alliance Insurance Plc is drawing a line and it means that any company that crosses that line, we would take appropriate action,” he posited.
He expressed optimism that the action taken on African Alliance Insurance would have sent a signal to other insurance companies, battling with challenges.
“The line we have drawn, means if a company is unable to meet its contractual or claims obligations, NAICOM would take action.
“We are not going to sit and listen to excuses on why a company is unable to pay claims, for it is not our job to accept excuses,” he said.
He submitted that it is the job of companies management to meet set out obligations, stressing that failure to do so, means failing in their responsibilities, which would lead to necessary regulation actions by NAICOM.
The Commissioner for Insurance Olusegun Omosehin, echoing his Deputy Commissioner Technical, said the Commission would ensure that all directors whose position were taken over through regulatory intervention, would be registered in NAICOM’s Black Book.
Omosehin maintained that such individuals would never be allowed as directors nor hold any executive position in the insurance industry, stressing that they can go and start a new life in sectors where they are accepted, but not within the insurance space.
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