PROTOCOL,
It is with great pleasure that I welcome you all to this 2-day Workshop on Insurance Regulation and Practice being organized by National Insurance Commission (NAICOM) for the benefit of Independent Corrupt Practices and Other Related Offences Commission (ICPC) and its Officers.
May I recall that few months ago, precisely on Tuesday, 19th August, 2014, NAICOM Management paid a courtesy visit to the Chairman and Board of Directors of ICPC. The purpose of the visit was to request the collaboration and assistance of the ICPC in fighting corrupt practices in the insurance industry. I did informed the ICPC Chairman at the meeting that NAICOM will undertake to conduct training, workshops and seminars for officers of the ICPC to ensure a seamless collaboration between the two Agencies in respect of investigation and inspection of insurance entities. This was for the purpose of equipping ICPC Officers with the requisite knowledge of insurance regulations and practices which are unique to the industry and differentiate it from other financial services. Also, a good understanding of the insurance regulatory environment and practices will enable an efficient and effective investigation and prosecution of matters that may come up for action by the ICPC.
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.
Ladies and gentlemen, the aim of this workshop is, among others, to increase the level of awareness of the ICPC and its Officers on the insurance regulatory environment and to foster better understanding of the insurance business model as well as emerging issues in the industry.
At the end of this workshop, participants should be able to:
Outline the legal and regulatory framework of insurance practice.
Explain the concept and practice of Insurance.
Identify the practical issues and challenges of fraud investigation and prosecution in the insurance industry.
Discuss strategies for overcoming investigation and prosecution challenges in the insurance industry.
Outline key indicators of transparency in corporate and business practice of insurance.
Permit me to say that this workshop has been richly packaged. The resource persons and the discussants are highly knowledgeable on the subject matter and very experienced in the insurance industry. I trust that they will bring both regulatory and operators’ perspectives to bear on their presentations. I have no doubt therefore that the workshop will meet and hopefully exceed your expectation.
I once more urge the ICPC to join hands with the NAICOM in the fight against fraudulent transactions or activities in furtherance of the intense efforts being made by government to build a better and transparent nation.
Once again, ladies and gentlemen, I welcome you to this workshop and wish you a fruitful deliberation.
Thank you
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