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Chuks Udo Okonta
Regulating the insurance industry has
remained a herculean task for the National Insurance Commission (NAICOM) as
many of the operators prefer to pay fines rather than comply with rules.
While the regulator is working hard to
sanitise the industry, some operators either fail to live up to their claims
responsibilities or submit their statutory documents, coupled with rancour amidst
the different arms of the industry.
According
to the commission seven firms - Capital Express Assurance Limited; Cornerstone Insurance
Company Plc; Goldlink Insurance Company Limited; Industrial and General Insurance
Plc; International Energy Company Limited; Nicon Insurance Corporation and Unic
Insurance Plc failed to submit their 2013 quarterly returns.
The
Commission noted that companies like, Adic Insurance Company Plc (NSIA); FBN Life;
Old Mutual General Insurance Company Limited; Standard Alliance Insurance Company
Limited; The Universal Insurance Company Limited; Union Assurance Company Limited
and Wapic Insurance Plc submitted their in some quarters and failed in others.
Commissioner
for Insurance Fola Daniel, said though there are tensions and apprehension in
ensuring that things are done properly, NAICOM will not renege in providing
good leadership.
“We are aware that insurance is a business of selling promises. But when
these promises made to policyholders and investors are not kept, it then
becomes NAICOM’s business to intervene and ensure these promises are kept.
“In doing this, there is always going to be tension, apprehension,
disagreements, etc between the regulator and the stakeholders. This is healthy
if only to engender transparency, good corporate governance, better management
and appreciation of the laws governing the business."Notwithstanding the resistance from these entities, the Commission remains committed to providing leadership to ensure sanity, good ethical practices, development and growth in the industry,” he said.
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