The President, Chartered Insurance Institute of Nigeria, Mrs. Isioma Chukwuma, has urged practitioners to abide by the code of ethics of the profession.
She said this during a professional forum organised by the institute themed, ‘The Nigerian business environment: Implications for the insurance industry’, in Abeokuta, Ogun State, adding the approach would help maintain and develop professional competence in the industry.
“It is our collective drive to reposition the insurance industry and to reinforce the integrity of the profession. This can only be achieved by our individual and collective commitments to the ideals of ethical and professional best practices,” she said.
Chuckwuma said the CIIN was giving priority to the code of ethics for insurance professionals and setting out the values that described their obligations as professionals to the insuring public.
She also encouraged members of the public to report cases of professional misconduct to the institute, saying it was the collective of all stakeholders to put an end to professional misconduct among practitioners.
The Commissioner for Insurance, Mr. Mohammed Kari, urged the practitioners to come up with adaptive strategies and identify the opportunities inherent in the changes in the macro-economic environment affecting their business and organisations passively or negatively.
In terms of innovations, he said the stakeholders needed to improve on the content and quality of their services, adding that their quest for innovation and changes in their business models must be exploited.
“As professionals, we are expected to invest in our personal education beyond what our employers will provide. Furthermore, we are expected to imbibe the spirit of professionalism in the discharge of our responsibility to our employers,” he said.
Kari said that the commission had seen unbridled, unsustainable and technically unsound rates being offered by insurance professionals more out of the need to meet targets than to properly underwrite.
He observed that professional brokers were now taking business from sub-agents who were not registered by anyone.
Kari also said that in some situations, premiums were loaded, discounted, retained or returned with impunity.
“Market indiscipline among practitioners, boards and management conflicts may degenerate to threaten the stability of some of our companies. The implication of such practices on the insurance industry in this new Nigerian business environment is the gradual diminution of our professional relevance as a veritable shield for the financial sector of the economy,” he said.
The commissioner also said that the industry must have zero tolerance for unethical practices.