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Chuks Udo Okonta
The National Insurance Commission (NAICOM) has said it is considering the misdeeds of errant underwriters and that they would be made public very soon.
The Commissioner for Insurance Mohammed Kari, disclosed this at a forum in Lagos, while reacting to allegations by shareholders that their dividends were eroded due to fines and sanctions meted on their companies.
Kari, who defended the actions taken by the commission, said NAICOM is looking at details on how underwriters failed to carry out their responsibilities and grow their businesses.
“We will advise shareholders of insurance companies to demand explanations from their respective managements to ascertain reasons they continue to incur sanctions from the regulator; incur high management expenses; fail to take advantage of the huge potentials in the market and as well, the various market development initiatives introduced by NAICOM to expand their businesses, grow their revenue income and improve on their bottom-line to guarantee enhanced dividend pay out to their shareholders. We are looking at these details and may be making them public in due course,” he said.
Meanwhile, the National Coordinator, Independent Shareholders Association of Nigeria (ISAN) Sir Sunny Nwosu, has urged NAICOM to focus on developing the industry to improve the wellbeing of all stakeholders, stressing that investors invested in the industry to maximize returns.