Insurers prepare employees for market conduct regulation

Chuks Udo Okonta

Ahead of the implementation of the market conduct regulation by the National Insurance Commission (NAICOM), insurance companies are already sensitizing their employees to forestall regulatory hammer.

NAICOM has said the guidelines for market conduct regulation, will be released before the end of second quarter, adding that the guidelines will help reposition the way insurance business is transacted in the country.

One of the firms that has equipped its workforce on how to operate in the expected new order, is Sovereign Trust Insurance Plc. A circular issued to employers by the its Deputy General Manager/Head, Risk Management and Compliance, Sanni Oladimeji, the firm enjoined workers to maintain highest ethical and professional standards and ensure that operations are conducted in accordance with the provisions of the relevant laws and company's policies and procedures.

The firm noted that in view of NAICOM's draft market Conduct regulation, which set the standards of service and overall best practice for the industry, employees must institutionalized the culture and demonstrate at all times commitment to effectively fulfill obligations to all stakeholders.

Employees were also urged to adhere to highest standards of the industry, compliance requirements, company policies and procedures and adopt best practices. 

Others roles expected to be played by the employees are that: All business units required to render periodic returns to regulatory authorities must do so before the due dates, willing to go above and beyond the call of duty to please customers/ stakeholders and effectively respond to feedbacks, unwavering commitment to ideals, resisting compromises and more.

The firm noted that the Risk Management & Compliance and Internal Audit Departments would continue to monitor and ensure effective controls over compliance with policies, procedures, plans, laws and regulations.

It added that companies that will survive in the coming years must begin to install robust compliance programme driven by an effective information technology platform.