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Chuks Udo Okonta
As the public awaits National Insurance Commission (NAICOM) fulfill its promise to prosecute people who run down insurance companies, recent events have called for speedily implementation of such action, which would help to abate harm and troubles afflicted on policyholders and shareholders.
NAICOM has said it would go after managers of ailing insurance companies, vowing not to allow them go with their misdeeds.
The Commissioner for Insurance/Chief Executive Officer NAICOM Olusegun Omosehin, had said people who have been involved in the failure of insurance companies would be blacklisted and barred from talking up positions in the insurance industry.
Recent conversations with annuitants of a troubled firm and policyholders of other failed insurance companies have necessitated punishing these individuals as promised by NAICOM.
Why they should be punished
*Pains on policyholders
For afflicting pains on policyholders, these erring insurers should be punished.
Imagine how annuitants owed months of annuity benefits are coping with the hardship in the country? Moreso, many policyholders who bought and lost savings products which where programmed for 10 to 20 years, have been left devastated, while the erring insurers enjoy in their new employments.
*Apathy
The failure of some insurance companies and the impacts on their policyholders, greatly contributes to the high level of apathy on insurance by the public.
Family and friends of policyholders who lost investment in failed insurance companies are always wary to buy policies in spite the benefits they would have enjoyed.
*Deterrent
The punishment meted on these offenders would deter others from engaging on the vices that led to the fall of failed companies.
*Restoration of confidence
Punishing erring insurance practitioners would really restore public confidence and spur the public to again embrace insurance.
*Esteeming professionalism
The tendency of continuing with misdeeds in new employment is high, if erring practitioners are not punished.
Barring them from taking up new appointments in the industry would really help strengthen professionalism amongst operators.
As promised by NAICOM, individuals who contributed to failing of companies, should never be allowed to enjoy freedom, while people who entrusted their hard earned wealth suffer hardship and pains.
