The knowledge gap in the Nigerian insurance industry as well as professional indiscipline among operators is still a cause for concern, the immediate past Commissioner for Insurance, Fola Daniel, lamented.
Daniel, who stated this during the official opening of the Centre for Insurance and Financial Management Studies (CIFMS) established by the Chartered Insurance Institute of Nigeria (CIIN), charged the industry to ponder on this as they bask in the euphoria of this accomplishment.
He said “Let me advise that as you bask in the euphoria of this accomplishment, you should not lose sight and focus of the big task ahead. The knowledge gap in the industry remains high just as professional indiscipline. This is unacceptable. It calls for all hands to be on deck if we are to attain the professional height and standards we all crave to enable the industry occupies its rightful position in the fore front of financial services sector.
“As a prudential regulator, the quality of and technical capacity of insurance practitioners in the country is a major concern to the Commission. We will continue to support efforts at ridding the profession of indiscipline while entrenching a culture of professional discipline and adherence to rules and ethical standards.”
“It is our desire in NAICOM to superintend over an insurance industry that is flourishing, financially strong and viable but with the right mix of Professionals,” he added.
Nonetheless, Daniel affirmed that the commissioning of the college marks a watershed not only in the history of the institute, but also the entire insurance sector, stressing that “This landmark accomplishment symbolises growth and key to future accomplishment.”
The CIFMS, according to him, is a value addition to the quest to better position the CIIN in the industry and herald a new era of improvement on services rendered by the institute not only for its future growth, but more importantly, for the growth and development of the Nigerian insurance sector practitioners.