Insurance consultative forum to be commission soon

 Chuks Udo Okonta

A consultative forum that would help unite the stakeholders from the various arm of the insurance industry would soon be formalised, Inspen has learnt.

The initiative which is a baby of the chartered Insurance Institute of Nigeria (CIIN), when fully operational, would regularly bring the industry regulator - National Insurance Commission (NAICOM), underwriters, brokers, loss adjusters, loss evaluators, agents and others under a roof to chart the way forward for the industry.

President
Chartered Insurance Institute of Nigeria (CIIN) Dr. Wole Adetimehin, who disclosed in an interview, said steps have been taken to effect the take-off of the initiative, adding that the initiative has been put to test in some events organised by the institute and that it was endorsed by operators.

He said: "We have various arms in our industry, and in years past, we seem to have operated in a situation were everydoby is in his own world. And at the end of the day, conflicting policies, were made that have not supported the growth of the industry.

"That was what informed my coming up of the consultative group, whereby we downplay all the arm of segregation and we can sit together under a platform with our regulator and sort out issues.

"No matter how difficult, we would resolve issues. Unlike when the underwriter would approach the regulator and sort itself out and careless whether the broker, adjuster are affected or not.

"Again it would afford the regulator the opportunity to take input into what ever regulation or new development coming up in the market. I would say we have taken up, but not commissioned.

"First when we were in Abuja for the annual education conference, we had that kind of parley, an assembly of Managing Directors of insurance companies, brokers, loss adjusters, we meet with the commissioner and quite numbers of issues were trashed out.

"At the same time, we met at the professional forum in Ibadan. We took minute and resolved that that kind of consultative forum should be formalised and we can decide to be meeting yearly, quarterly, bi-monthly to address issues."

He noted that the idea is laudible and it would go along way in promoting unity within the various arm of the industry, while also promoting growth and developements in the industry.