Protocols.
On this auspicious occasion of my investiture as the 21st Chairman of the Nigerian Insurers Association, I want to thank you most profoundly for your presence and the vote of confidence reposed in me by the entire membership of the Association.
Let me say with all sense of humility that investiture ceremony presents us with yet another opportunity as major stakeholders in the insurance industry to embark on a fresh journey of reappraising our industry. This will give us the necessary impetus to assess our selves and chart the way forward for the industry and give us a place of pride in the financial services sector of the Nigerian economy.
I am glad to note with a sense of pride that our dear Association has come a long way. Our achievements over the past four decades have been made possible by the contributions and efforts of past leaders and members of the Governing Council as well as the commitment of member-companies.
We acknowledge the support and co-operation of other key industry stakeholders including the industry regulator, the National Insurance Commission (NAICOM); all brokers under their umbrella body, Nigeria Council of Registered Insurance Brokers (NCRIB); all loss adjusters under their own body, Institute of Loss Adjusters of Nigeria (ILAN); Agents and all other intermediaries. I also want to recognize the contributions of our investors and clients, without whom we will not be in business. The support of our partners in the media is also warmly acknowledged.
Today is my formal investiture as the 21st Chairman of our great Association and I am delighted at the opportunity it has given me to shed more light on our vision for the Association during my tenure. By the special grace of God, I intend to lead the team focusing primarily on the following areas among others:
To sustain and improve on the good relationship that already exists with our regulator, NAICOM.
We will also reach out to other regulators in the financial services sector whose oversight functions impact on our business.
We will strengthen the cordial relationship that exists with other arms of the industry such as NCRIB, ILAN, ARIAN, CIIN etc.
We will enforce market discipline by encouraging peer review among member companies with a view to aligning the market practice with international best practices.
We will sustain the current effort at addressing those laws that are militating against the growth of the market. The Companies Income Tax Amendment Act (CITA) 2007 amongst others readily comes to mind.
We will increase the support for the Technical Committees of the Association with a view to realizing their potential which will be harnessed for the achievement of the overall goals of the Associations
Nigeria has the comparative advantage in the production of Oil and Gas. We will therefore fast track the process of re establishing the Oil & Gas Insurance Pool so that the industry can reap the full benefit of the Nigerian Local Content Development Act.
The Association is appreciative of the efforts of NAICOM in PromotingMicroinsurance to deepen insurance penetration in Nigeria. Our administration will take up the challenge by encouraging member companies to institute corporate structures that will ensure the success of the initiative.
I want to restate that the NIA has remained true to its legacy as an institution that exists to champion the cause of the insurance industry and we will ensure that the founders sense of purpose will be upheld by us at all times.
I am particularly proud of all the past Chairmen of this Association whose far-sightedness and courage has ensured that we stand here today.
Ladies & Gentlemen, friends and colleagues, on behalf of the Governing Council, I wish to restate our commitment to the ideals of this Association.
I am truly honoured to join you in this remarkable, rewarding, exciting and uplifting journey. I ask for your support, encouragement, advice and prayers.
I thank most profoundly, my colleagues in the Governing Council for their confidence and faith in me, the Nigerian Insurers Association and the insurance industry in Nigeria.
Together we will take the NIA, nay, the insurance industry in Nigeria to greater heights.
Thank you and God bless
G. U. S. Wiggle
Chairman, NIA
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