Mrs Funmi Babington-Ashaye, the President, Chartered Insurance Institute of Nigeria (CIIN), says the institute is happy with some initiatives of National Insurance Commission (NAICOM) to expand the industry.
Babington-Ashaye made the commendation at a breakfast seminar for practitioners in Abuja on Wednesday.
A statement by the institute’s spokesman, Mr Seun Banwo, quoted Babington-Ashaye as saying that “according to the feedback we received, our members are happy with the various initiatives’’.
“The initiatives include: Market Development Development and Restructuring (MDR), Product Pricing, Micro insurance Guidelines, Financial Reporting Reforms, No Premium, No Cover, Corporate Governance Code and Risk-Based Supervision.
“Others are Information and Communication Technology Advancement, Financial Inclusion, Claims Settlement, Market Conduct and Expansion of Distribution Channels.
“All these initiatives are aimed at building confidence, trust and enhancing our market value,’’ Babington-Ashaye said.
She said that members were looking forward to the next initiatives with great enthusiasm because of the value and the opportunities they derived.
The CIIN President said that the key statutory functions of NAICOM to regulate and develop initiatives for the industry had improved standards for the conduct of insurance in the country.
She said that Industries without regulations and initiatives would be characterised by unethical practices like unhealthy rivalry, stunted growth and weak being at the mercy of the powerful.
“No meaningful business can take place in such an environment and to prevent such unacceptable practices and ensure a level playing field, NAICOM has put these initiatives in place.
“I urge underwriters, brokers, loss adjusters, actuaries and agents to reciprocate and consistently play by the rules as a long-term strategy for the sustainability of the Insurance industry.
“This is a survival mandate we can ignore at great cost as a practice that sacrifices the ethics of the profession will lead to regulatory sanctions.
“It can also lead to loss of financial resources, loss of business and goodwill, among others.’’ Babington-Ashaye said.