Chuks Udo Okonta
Stakeholders in the insurance industry have all embraced the proposed
consultative committee, the President Chartered Insurance
Institute of Nigeria (CIIN) Dr. Wole Adetimehin,
has said.
He disclosed this yesterday in a media
parley in Lagos, confirming Inspen’s report, that the committee would
soon be commissioned, added that the Commissioner for Insurance Fola Daniel;
has endorsed the initiative which is aimed at uniting and promoting common
interest of the industry.
He noted that the name, Insurance Industry
Consultative Committee (IICC), has been adopted by all stakeholders, stressing
that the committee would stem the present independent ways of sorting issues in
the industry.
He said the committee would be made up of executives of the various arms,
which would before coming to meetings, meet with their members and table issues
bothering on their operations and practice, and present same to the committee
to be chaired by the Commissioner for Insurance.
He said: "The executives of the various arms have met, to reappraise
the modalities, objective, constitution
of membership, regularity of frequency of meetings, chairmanship of the
body, administration of the body, who qualifies to be member of the committee
and all these, have been peacefully resolved and conveyed to the commissioner
who endorsed the initiative.
"Just as I mentioned when I was delivering my acceptance speech on
June 17, 2011, for many years, if we have had this kind of bonding, that is
being put in place, it could not have
been as robust, meaningful and effective, as the one I contemplated and I have actualised by His grace.
"What is place many years, has been, the various arm of the industry,
approaching and sorting out issues with our regulator one-on-one, whether the
interest of the other arms are affected or would be affected, there has never
been any recognition of that possibility. At the end of the day, in the past,
we often have conflict of interest.
"The Nigerian Insurers Association (NIA), would have sorted itself
out, whether the interest of brokers are taken care of nobody bothers. The
other day, the Nigeria Council of Registered Insurance Brokers (NCRIB), would
approach the regulator with issues, they would be trashed out, whether the Institute of Loss Adjusters of Nigeria
(ILAN), has been stepped upon, nobody bothers."
He noted that under the new concept or initiative, all the arms of the
industry would be put together under one umbrella, and that at regular
intervals, they would speak with the regulator.
"I remember at the time of my investiture, I said, some group or forum
that can be likened to Bankers Committee. That was what I was trying to
replicate. And issues and challenges affecting industry operators, no matter
the arm of the industry you are representing can be tabled, analysed, and well
sorted out.
"We would be saving time, unnecessary dissipation of energy without
achieving much and collectively, with one voice, we can make pronouncement. I
want to let you know that the objective behind this concept has been well
embraced by the various arms, including our regulator.
"The Commissioner has endorsed this initiative. The name we have
agreed to give it is Insurance Industry Consultative Committee (IICC). Because
the various arms have their executives, they would be members of the Committee.
Before coming to meetings, they would have met at their council, issues
bothering on their operations and practice would have been harnessed and
packaged for the committee meeting that would normally be chaired by the
commissioner," he added.
He noted that because the initiative is the baby of the CIIN, its reigning
president and all past presidents would qualify as automatic members of the
committee, he maintained that for the other arms, their current presidents and
the immediate past presidents with their executives would also be members of
the committee.
"At the time the commissioner for insurance was endorsing this
initiative, he said he gladly let room for willing chief executives from any
arm of the industry that could create time and willing to attend meetings.
"I do not want to say that that added value came from his experience
when some of our chief executives officers would for one reason or other fail
to attend meetings. He said he has thrown it open and allow everybody to come. Going
by his experience, he has the reservation whether they would come. Or, when
they come whether, they would be free to speak their mind. But if they have channeled
all that they have as issues bothering their practice through their executives
and we are locked up in hall or syndicate room, such issues can be trashed
out," he said.
Adetimehin said the committee would also
create room for the
commissioner to intimate the industry practitioners with up and coming rules,
guidelines, new laws or developments and that the operators would take such
opportunity to express their feelings, contributions, before the rules, laws
and guidelines become operational or effective.
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