Insurance lawyers to chart way forward for industry

Adepegba

ChuksUdo Okonta

Lawyers in the insurance industry will on February 26 and 27 at Equity Resort Ijebu-Ode Ogun State, gather to brainstorm on how they could help their companies operate within the ambit of the law to enhance compliance and engender growth.

The 2-day event tagged: The 2014 Insurance Lawyers’ Forum, which is a brainchild of Adegboyega Adepegba & Co, is expected to play host to all lawyers and compliance officers in the industry.
The Managing Partner, Adegboyega Adepegba & Co,  Adegboyega Adepegba, told Inspen that the forum will provide an avenue for the practitioners to deliberate on how they can be familiar with the industry’s laws, especially now that the National Insurance Commission (NAICOM) has resolved to enforce the laws.

He noted that participants will devote sufficient time to consider landmark cases on insurance, adding that prominent lawyers in the industry have endorsed the event.

He said: “We have looked around and discovered that there are a lot of lawyers working in the insurance industry and playing critical roles, in their companies. They help in devising new businesses, make strategies for business and keep their business in ambit of the law.

“Now that the National Insurance Commission (NAICOM) has become sensitive to issues in the industry, the lawyers now have bigger roles to play. That is why we planned to bring them together for two days, to brainstorm   on how they can improve on their performance in helping their companies to do well, stay out of troubles, and ensure that things are done better.

“We will look at issues of good corporate governance, board matters, compliance with insurance laws. We will deliberate on how we can be familiar with the industry’s laws, especially now that the commission has decided to enforce the laws.

“There are many provisions in the law of which if the commission decides to enforce them today, a lot of companies will be in problem. So, it is the role of lawyers and companies secretaries to guide their boards and managements properly. That is the essence of bring them together.

“We have spoken to Professor Joe Irukwu, who has given us the approval to go ahead. He said our effort may help to resuscitate the Nigerian Insurance Lawyers Association (NILA) which has been dormant for many years.   

“We are bringing in a lot of well tested professionals in insurance and law to address the participants. For example, we are going to take an hour to consider landmark cases on insurance. God helping us, we hope to make it an annual event. This is one of our contributions to the industry that has given us so much. The forum will provide an avenue for lawyers to examine their roles and see if they are adding value to insurance business.”

On how the event would impact the public, he said when companies do well and operate within the ambit of the law, claims are attended promptly and Corporate Social Responsibilities (CSR) are encouraged, and companies do all they are meant to do statutorily, consumers’ lives will be affected positively.

“When insurance companies are doing well and operating within the ambit of the law, claims are attended promptly and Corporate Social Responsibilities are encouraged, and companies are doing all they are meant to do statutorily, consumers will be happy.

“The only way to make consumers happy is to do the right thing. The2003 Insurance Act is very good; there is something for the insured, insurers, government and wellbeing of the economy, but compliance remains a great challenge.

“The moment there is strict compliance with the provisions of the Law, consumers will be happy. For now, this is what we have for consumers, but as we make progress more things will emerge. But for now, the benefit to consumers, will be that when we are able to awaken the spirit of lawyers to ensure that their companies do the right thing according to the law, indeed, consumers will be happy,” he added.

He said he is looking to when NAICOM would no long worry about compliance, stressing that before that can be achieved, lawyers must be on top of their games.

He said the industry is blessed with good managing directors, adding that all they needed is just good counsel from their lawyers, thereby, helping them reduce the rate of sanctions in the industry.

Adepegba said the Attorney-General of Ogun State, will be the Special Guest of Honour, while facilitators include, Anthony Idigbe (SAN), Olusola Ladipo-Ajayi, Tola Adegbayi, Talmiz Usman, Deji Adekunle, and Abiola Sanni.