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| Daniel |
Chuks Udo Okonta
Whereas the Commission
had issued the Risk Management Framework (RMF) since 2012 preparatory to transition to
Risk Based Supervision, the recent report by Deloitte revealed that its
implementation by Insurers remains only on paper, those where the words of the
Commissioner for Insurance Fola Daniel, as he expresses misgivings on the attitude
of insurance operators toward regulatory policies.
Daniel disclosed this at
a programme organised by the Nigerian Insurers Association (NIA), adding that
the commission has expected the operators to be above board on issues of market
conduct, but the reverse has been the case.
He owing to this anomaly,
NAICOM has resolved to issue appropriate regulations that would enthrone these
best practices.
He also accused the
operators over late submission of their yearly financial accounts, stressing
that whereas the Insurance Act 2003 provides for submission of annual accounts
no later than June 30, the requirement by the Nigeria Stock Exchange for listed
companies is March 31, some operators do not submit annual accounts before
Christmas.
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