By Kingsley Adegboye
In its effort towards forging collaborative partnership with leading actors in the insurance and financial sectors against the background of the implementation of the compulsory insurance of certain categories of private and public buildings as required by the relevant law, the Nigerian Institution of Estate Surveyors and Valuers (NIESV) has concluded plans to host a one-day two-in-one bi-professional seminar on “Compulsory Insurance of Public Buildings” and “‘Mandatory Asset Valuation under Financial Reporting Act 2011
As professional firms of estate surveyors and valuers are directly or indirectly in charge in terms of construction, management and letting of a large percentage of property asset whether commercial, residential or industrial, the seminar billed for Thursday October 27,2011 at Miccom Golf Hotel and Resort, Ada, Osun State, will assist in creating the required awareness among estate surveyors and valuers
According to Mr Bode Adediji, President of NIESV, “the seminar will examine some salient issues regarding group insurance of a collection of property under the management of each estate firm , modality of linking rent collection with insurance premium payment, determination of appropriate premium under various property cost and values , agreement on remuneration payable for valuation exercise and also any form of reward appropriate to referral system vis-a-vis third party business”
On the NIESV side, Adediji said, the seminar is considered mandatory for all heads of professional firms in the country, fellows and senior estate surveyors and valuers, all heads of government parastatals, surveyors in the academics; while for the insurance companies, highest levels of leadership attendance including heads of departments in charge of property matters and heads of legal departments among others are expected to participate fully in the seminar .
Mr Victor Alonge, Chairman, NIESV Seminar Organizing Committee disclosed that Mr Fola Daniel, Commissioner for Insurance, National Insurance Commission, Abuja; Elder William Odudu, past President of NIESV and Chief Executive, NIESV Learning Centre and Mr Olusola Ladipo- Ajayi, Managing Director /Chief Executive, LASACO Assurance Plc and President, Nigeria Insurance Association (NIA) are expected to present papers at the seminar on “Compulsory Insurance of Public Building :Scope, Structure and Implementation Agenda; “Estate Surveyors and Valuers and the Compulsory Insurance Scheme Professional Responsibilities Challenges and Opportunities” and “Compulsory Insurance Laws as Tools for Insurance Market Development and Restructuring’’ respectively.
According to Alonge, the second phase of the two-in-one seminar will be handled by Mr Jim Obazee, Director-General of the newly created Financial Reporting Council (FRC) who will address participants on “Financial Reporting Act (FRA) 2011 and Reliable Financial Information and Audit Quality Assurance: The Role of Mandatory Asset Valuation ” The Seminar chairman noted that “the recent enactment of the FRA 2011, formalized Nigeria adoption of international Reporting Standard (IRS) which would enhance local and foreign investors confidence in the quality assurance system of financial reporting.
Without gainsaying, this is the first Joint-Seminar of this type by two inter –dependent professional groups where high volume of networking resolution of business interface – challenge and immediate initiation of inter –company business experiment are expected.