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Chuks Udo Okonta
The National Insurance Commission (NAICOM) has approached the
Independent Corrupt Practices Commission (ICPC) for collaboration in her
efforts at deepening insurance penetration in Nigeria.
A statement by Assistant Director/Head, Corporate Affairs NAICOM, ‘Salami
‘Rasaaq, said the Chairman Governing Board of NAICOM Chibudom Nwuche, while speaking
at a meeting between the two federal agencies in Abuja on Tuesday, urged the
ICPC to join hands with the insurance regulatory body in the fight against
fraudulent transactions or activities in the insurance industry.
He reminded the ICPC that the NAICOM is saddled with the responsibility
of regulating the insurance industry; but however does not have the requisite
powers of enforcement especially in terms of arrest and punishment of
fraudulent culprits.
Commissioner for Insurance and Chief Executive of NAICOM, Fola Daniel
reiterated that the primary responsibility of the commission is to ensure
protection of policy holders; adding that insurance is built on the principle
of Utmost Good Faith and thus, every insurance practitioner is expected to
uphold this principle but in words and deeds.
Daniel requested the assistance of the ICPC in fighting corrupt
practices in the insurance industry particularly in the area of Returned
premiums, assuring that “NAICOM will not tolerate returned premiums through
third parties”.
Chairman of the ICPC Barr. Ekpo Nta, expressed his appreciation to the
board and management of NAICOM for the initiative. He expressed the readiness
of the ICPC to collaborate with NAICOM to ensure a corrupt free insurance
sector in Nigeria. He commended the insurance regulator for the improved
insurance services in the country in recent years.
Nta noted that the “Insurance Regulator has become more effective in
recent years as evident in the prompt settlement of insurance claims by
insurance companies. I am looking forward to such a time when Nigerians will go
out of their ways to get insurance cover”.
He informed the commission that the ICPC over the years have been
working with regulatory bodies in the monitoring of activities within their
sectors saying that it is faster and cheaper to adopt this model in checkmating
activities of operators in the various sectors through the regulators.
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