NEW Commissioner for Insurance and Chief Executive of the National Insurance Commission, NAICOM, Mohammed Kari, has said that the insurance industry is aligning with the change policy of the federal government. Kari, who stated this in Lagos, said that the move is necessary because insurance sector cannot be left behind in the scheme of things.
I therefore urge the Chartered Insurance Institute of Nigeria, CIIN, to uphold and encourage its members to adhere strictly to the observance of the industry’s codes of conduct and ethics for a healthy practice of the insurance profession.
“NAICOM as a regulator is committed to high standard of professionalism and ethical behaviour in the insurance industry so as to regain the confidence of policyholders and increase insurance contribution to the GDP.
If we must win the public apathy to the business of insurance we must desist from unwholesome practices in the discharge of our responsibilities to the insured by playing as true professionals,” Kari said.
According to Kari, current developments in the country obviously call for collaborative effort to reposition the profession and the insurance industry, adding that operators should not be unmindful of the perception of the insurance profession by the public.
“The apathy towards insurance and the way and manner the profession is being addressed need a rethink from all of us. We all know the whys, let us discuss dispassionately and agree the hows of correcting the wrong perceptions,” Kari stated.
Kari said, “There is need for a reawakening to ensure only trained personnel are allowed to practice. You will agree with me that insurance services are being rendered by persons and bodies without adequate training. We must embrace professionalism as core value in our industry. To achieve that we must train all persons that carry our flags to our consumers.
“As the Professional arm of the industry, indiscipline and unethical practices by your members should be of grave concern to the institute. Insurance practitioners and professionals should be seen to uphold the tenets of the profession both in their words and actions. It is not enough for the Institute to breed and certify insurance professionals only, but must also ensure that they are regularly updated through training and retraining to enable them measure up with current global trends.
“If we truly practice as professionals that we say we are, we should be mindful of our actions and how we carry ourselves. We should be seen as men and women of proven integrity, we should avoid unethical practices because it will not only send bad signals to the public, it will further erode the little respect left.”
Kari said that the Commission will continue to support the Institute especially in the areas of new program designs, development of new curriculum for adequate capacity building, and in the training and retraining of insurance practitioners.