As the National Insurance Commission (NAICOM) is empowered by law to enforce Code of Ethics for insurance operators, the commission has threatened to criminalise its enforcement if such a code is not being strictly implemented by the industry.
Commissioner for Insurance and Chief Executive of NAICOM, Mohammed Kari, stated at the 2015 Professional Forum organised by the Chartered Insurance Institute of Nigeria in Abeokuta recently, urged the institute to reintroduce the Code of Ethics and ensure strict implementation.
He said the nation’s insurance industry certainly cannot achieve the success it craves especially from the deliverables of the summit and the conference being held, in an atmosphere of distrust, chaos, unprofessionalism and suspense without unity of purpose.
The changing Nigerian business environment, he added offers insurance industry the opportunity to re-adjust its governance, portfolio management, operational structures and leverage on regulatory direction of the commission.
Kari stressed that “It is my expectation that we learn from our past, be realistic with our present “Change Rhythm” and project into the future with calculated assumptions, simulations, forecasting that secures the future of our business”.
Whilst NAICOM will remain focused on the issues relevant for the protection of policyholders, he pointed out that the commission is akin to support the Institute in its drive for high standard of professionalism and will take definite steps to ensure that this is achieved, sufficiently to grow and develop our Market.
He noted that the institute has a role to play in addressing the identified need of the industry, saying “It is therefore my expectation that the institute ensure that the Code of Ethics is reintroduced and strictly implemented. The Disciplinary Committee of the Institute must be hungry for work. Please feed it.
“The scope of the Institute’s courses and mandatory professional educational programmes must make the study of the code mandatory and topical issues for the benefit of its members, especially in the face of new Nigerian business environment. Continues appropriate courses and programmes together with those provided by other service providers will enhance members’ competences.