Unethical practice: CIIN yet to sanction any insurer

Unethical practice: CIIN yet to sanction any insurer

Chuks Udo Okonta

The President Chartered Insurance Institute of Nigeria (CIIN) Dr Wole Adetimehin, has said the Institute is yet to take disciplinary measure against any member for indulging on unethical behaviors.

Adetimehin, who disclosed this in Ibadan, said the institute’s inability to sanction members stemmed from the failure by operators to report erring practitioners.

He said the introduction of the code of ethics and practice for the industry states that the code applies to all insurance companies and practitioners in Nigeria including the members of CIIN, NIA, NCRIB, ILAN.

He said every member of each of these bodies were to adhere to the code, and ensure observance and comply with the disciplinary procedure and sanctions contained therein.

He said: “Ethics relates to a way of life, morals or principle generally adhered or adopted by a group of people. The behavior or conduct of the group forms the standard for measuring adherence or compliance. Any infractions are usually sanctioned.

“In the market, we hear of unethical behavior of our members both at the corporate and individual levels. Some of the examples of infractions include inadequate rating, claim compromise, falsification of returns, conflict of interests etc.

“Regrettably we are not courageous to make formal report of our members regarding any of these infractions to the institute. I cannot recall any case of disciplinary measure taken against any member of the institute on unethical behaviors.”

He called for the setting up a committee to review the present code of ethics for the industry and make it more functional.