Wednesday 21 August 2013

NAICOM tasks IICC on making insurance catalyst for economic growth


Commissioner for Insurance Fola Daniel (3rd from right); President Charted Insurance Institute of Nigeria (CIIN) Fatai Lawal (4th from right) and members of the committee at the inauguration in Lagos.


Commissioner for Insurance Fola Daniel (3rd from right); President Charted Insurance Institute of Nigeria (CIIN) Fatai Lawal (4th from right) and members of the committee at the inauguration in Lagos. 




Chuks Udo Okonta
The Insurance Industry Consultative Committee (IICC) which was inaugurated today Wednesday, has been charged by the National Insurance Commission (NAICOM) to fashion ways to return the industry to its rightful place as a catalyst for national economic growth and development.
Commissioner for Insurance Fola Daniel, who gave the charge at the inauguration of the Committee in Lagos, said the industry and the public expect to see remarkable changes in the way insurance business operates.
He said: “The Insurance Industry Consultative Committee (IICC) is a body whose time has come. In line with the objective behind its establishment, the committee has been entrusted with the following mandate: To serve as a unifying voice for the industry; to represent the industry on national issues such as budget formulation; make input to national economic matters and any other issues affecting the industry; act as a body for resolution of intra and inter sector conflicts and take up and assume any other roles that will serve the best interest of the industry.”
He urged the committee to take necessary steps towards uplifting the profile of the industry, improve public confidence in the profession and enhance the fortune of the industry.
Daniel noted that the task before the committee is enormous, but he is optimistic that they would engender robust and qualitative outcomes.
“Suffice to say that the unification of purpose and the cooperation of all players in the industry at this point in the history of the industry is not an option, but an imperative. From the composition of the committee, it is satisfying that every arm of the industry is adequately represented. This is expected to aid the achievement of the much needed unity so that the industry would be seen to always speak with one voice.
“Let me remind members of the committee that the industry expects so much from you. They expect to see remarkable changes in the way we do our business and the way we are perceived by not just members of the public, but by government at all levels.
“They expect to see great improvement in the contribution of the industry to national discuss and its due recognition as a significant segment of the nation’s economy. I could go on and on, but the fact is the time has come for the industry to assume its rightful place as a catalyst for national economic growth and development,” he said.
He noted that the inauguration of the committee will mark the beginning of a new era in the industry. He urged members of the committee to remain steadfast, committed and dedicated to their mandate for the overall benefit of the industry.    
President Charted Insurance Institute of Nigeria (CIIN) Fatai Lawal, said the IICC would give the industry a voice, guarantees a collective medium for dialogue, provides a clearing house for vital industry policies, engenders a firm anchorage for industry’s growth agendas, constitutes a powerful group for government relations and platform for resolution of conflicts.
He maintained that the success of the committee lies on the honest, open and sincere hearts of all arms of the industry to shed their individual toga for the benefit of the sector. 
Past President CIIN, Dr. Wole Adetimehi, said for many years, if the industry has had this kind of bonding, it would have made tremendous progress.
"What has been in place for many years, was that the various arm of the industry, do approached and sort out issues with our regulator one-on-one, whether the interest of the other arms are affected or would be affected, there has never been any recognition of that possibility. At the end of the day, in the past, we often have conflict of interest.
"The Nigerian Insurers Association (NIA), would sorted itself out, whether the interest of brokers are taken care of nobody bothers. The Nigeria Council of Registered Insurance Brokers (NCRIB), would approach the regulator with issues, they would be trashed out, whether the   Institute of Loss Adjusters of Nigeria (ILAN), has been stepped upon, nobody cares," he said
He noted that with the initiative, all the arms of the industry would be put together under one umbrella, and that at regular intervals, they would speak with the regulator, adding that the platform would enable the industry operators save time on unnecessary dissipation of energy without achieving much and collectively with one voice, make pronouncement.
Adetimehin said the committee would also create room for the commissioner to intimate the industry practitioners with up and coming rules, guidelines, new laws or developments and that the operators would take such opportunity to express their feelings, contributions, before the rules, laws and guidelines become operational or effective.
 


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