NAICOM goes for ICPC’s searchlights on insurers’ transitions

Daniel

 

Chuks Udo Okonta

Erring insurance operators are in for hard times as the National Insurance Commission (NAICOM) seem to have pulled its sleeves to fight unruly activities that have over the years kept the insurance industry in the doldrums.

The commission said over the years it has tolerated most operators and will not fold its hands and allow abnormalities prevail in the industry. To this end, it has called on the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to join hands with it in the fight against fraudulent transactions or activities in the industry.

The Commissioner for Insurance Fola Daniel, at a training organised to equipping ICPC officers with the requisite knowledge of insurance regulations and practices, said since NAICOM lacks the requisite powers of enforcement especially in terms of arrest and prosecution of corrupt or fraudulent operators, it has become necessary to collaboration and seek assistance of the ICPC in fighting corrupt practices in the insurance industry.

Daniel said while the commission is aware that the ICPC had over the years been working with other regulatory bodies in the monitoring of activities within the different financial services sectors, very little has been witnessed in the insurance sector.

“Suffice it to say that NAICOM is saddled with the responsibility of regulating and supervising the insurance industry. The primary responsibility of the Commission is to ensure the protection of policyholders' interests and rights.

“Insurance is built on the principle of Utmost Good Faith, thus, every insurance practitioner is expected to uphold this principle both in words and deeds. However, NAICOM lacks the requisite powers of enforcement especially in terms of arrest and prosecution of corrupt or fraudulent operators.

“While we are aware that the ICPC had over the years been working with other regulatory bodies in the monitoring of activities within the different financial services sectors, very little has been witnessed in the insurance sector,” he said.