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Chuks Udo Okonta
The National Insurance Commission (NAICOM) has called on the Independent Corrupt Practices and Other Related Offences
Commission (ICPC) to join hands with it in the fight against fraudulent
transactions or activities, in furtherance of the intense efforts being made by
government to build a better and transparent nation.
Commissioner
for Insurance Fola Daniel, said this today at a 2-day workshop on Insurance Regulations and Practice organised for ICPC staff, New Karu, Nasarawa
state. He noted that the workshop is, among others, to increase the level of
awareness of the ICPC and its officers on the insurance regulatory environment
and to foster better understanding of the insurance business model as well as
emerging issues in the industry.
He said while ICPC had over the years been working with other regulatory
bodies in the monitoring of activities within the different financial services
sectors, very little has been witnessed in the insurance sector.
“Suffice it to say that NAICOM is saddled with the responsibility of
regulating and supervising the insurance industry. The primary responsibility
of the Commission is to ensure the protection of policyholders' interests and
rights. Insurance is built on the principle of Utmost Good Faith, thus, every
insurance practitioner is expected to uphold this principle both in words and
deeds.
“However, NAICOM lacks the requisite powers of enforcement especially in
terms of arrest and prosecution of corrupt or fraudulent operators. While we
are aware that the ICPC had over the years been working with other regulatory
bodies in the monitoring of activities within the different financial services
sectors, very little has been witnessed in the insurance sector,” he said.
Daniel noted that NAICOM is committed to equipping ICPC officers with the
requisite knowledge of insurance regulations and practices which are unique to
the industry and differentiate it from other financial services.
He maintained that a good understanding of the insurance regulatory
environment and practices will enable ICPC to execute efficient and effective
investigation and prosecution of matters that may come up for action.
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