Kari
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Chuks Udo Okonta
The Commissioner for Insurance Mohammed Kari, has called on the Chartered Insurance Institute of Nigeria (CIIN) to lend its support towards ridding the insurance profession of the alleged remaining bad eggs that portray the sector in bad light.
Kari, called on the institute to bite the bullet and work with NAICOM to rid the profession of the remaining bad eggs where ever and whoever they may be, stressing that the failure to observe stipulated tenets in the past has caused the industry so much reputational injury.
“The case of the bad professional who is at the top is more complex. (OATT). We have found Executive recklessness and/or timidity at the very top of the executive ladder in some companies. Executives that have feign ignorance when asked to give account of their companies’ misconducts. While some have blamed the Chairman or Directors, some have simple claimed unawareness. Directors including Executives, seem oblivious of the fact that their action can lead to criminal prosecution.
“It is true that there had been Chairman that were overbearing, but any professional on the seat of a company’s Executives, should know the expectations on him are onerous. The insurance professional’s role in Board oversight responsibilities is to bring in his professional competence and ethical orientation into play in Board deliberations. In this regard he is expected to provide explanations and clarifications on issues when necessary in the course of the Board’s work.
“This is more so on technical insurance issues. He is also expected to bring the professional orientation of integrity and objectivity in his contribution in Board’s decision making. The insurance professional should use his membership of the Board to raise the quality of discussion in Board meetings and, over time, assist other Directors in developing improved perspective on insurance and ethical issues.
“As a member of Executive management, he should ensure the information contained in Board papers are accurate and complete in terms of what the Board should know about the insurance entity and reasonableness of explanations offered for any matter being presented to the Board for special attention or deliberation,” he said.
He expressed misgivings over the gap between directors and managements of some companies, stating: “We find the reverse situation where in absolving themselves, the Directors blame management for corporate misconduct. It is not uncommon to hear some Directors complain that the information or explanation given to them by NAICOM during intervention-related meetings were never given to them by management.”
