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Commissioner
for Insurance Fola Daniel (3rd from right); President Charted Insurance Institute of
Nigeria (CIIN) Fatai Lawal (4th from right) and members of the committee at the
inauguration in Lagos.
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Commissioner
for Insurance Fola Daniel (3rd from right); President Charted Insurance Institute of
Nigeria (CIIN) Fatai Lawal (4th from right) and members of the committee at the
inauguration in Lagos.
Chuks
Udo Okonta
The
Insurance Industry Consultative Committee (IICC) which was inaugurated today Wednesday,
has been charged by the National Insurance Commission (NAICOM) to fashion ways
to return the industry to its rightful place as a catalyst for national
economic growth and development.
Commissioner
for Insurance Fola Daniel, who gave the charge at the inauguration of the
Committee in Lagos, said the industry and the public expect to see remarkable
changes in the way insurance business operates.
He
said: “The Insurance Industry Consultative Committee (IICC) is a body whose
time has come. In line with the objective behind its establishment, the
committee has been entrusted with the following mandate: To serve as a unifying
voice for the industry; to represent the industry on national issues such as
budget formulation; make input to national economic matters and any other
issues affecting the industry; act as a body for resolution of intra and inter
sector conflicts and take up and assume any other roles that will serve the
best interest of the industry.”
He
urged the committee to take necessary steps towards uplifting the profile of
the industry, improve public confidence in the profession and enhance the
fortune of the industry.
Daniel
noted that the task before the committee is enormous, but he is optimistic that
they would engender robust and qualitative outcomes.
“Suffice
to say that the unification of purpose and the cooperation of all players in
the industry at this point in the history of the industry is not an option, but
an imperative. From the composition of the committee, it is satisfying that
every arm of the industry is adequately represented. This is expected to aid
the achievement of the much needed unity so that the industry would be seen to
always speak with one voice.
“Let
me remind members of the committee that the industry expects so much from you.
They expect to see remarkable changes in the way we do our business and the way
we are perceived by not just members of the public, but by government at all
levels.
“They
expect to see great improvement in the contribution of the industry to national
discuss and its due recognition as a significant segment of the nation’s
economy. I could go on and on, but the fact is the time has come for the
industry to assume its rightful place as a catalyst for national economic
growth and development,” he said.
He
noted that the inauguration of the committee will mark the beginning of a new
era in the industry. He urged members of the committee to remain steadfast,
committed and dedicated to their mandate for the overall benefit of the
industry.
President Charted Insurance Institute of Nigeria (CIIN) Fatai Lawal,
said the IICC would give the industry a voice, guarantees a collective medium
for dialogue, provides a clearing house for vital industry policies, engenders
a firm anchorage for industry’s growth agendas, constitutes a powerful group
for government relations and platform for resolution of conflicts.
He maintained that the success of the committee lies on the honest,
open and sincere hearts of all arms of the industry to shed their individual toga
for the benefit of the sector.
Past President CIIN, Dr. Wole Adetimehi, said for many years, if the
industry has had this kind of bonding, it would have made tremendous progress.
"What has been in place for many years, was that the various arm
of the industry, do approached and sort 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 sorted itself
out, whether the interest of brokers are taken care of nobody bothers. 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 cares," he said
He noted that with the 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, adding that the platform would enable the industry
operators save time on unnecessary dissipation of energy without achieving much
and collectively with one voice, make pronouncement.
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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