Fola Daniel
Commissioner For Insurance
Chuks Udo Okonta
The National Insurance Commission (NAICOM) says it proposed tenure for Managing Directors of Insurance and broking firms to ensure continuity and development of manpower.
The Commissioner for Insurance Fola Daniel, disclosed this at the just concluded 2015 Seminar for Insurance Correspondents in Ilorin, Kwara State. He noted that a situation where Managing Directors fail to create opportunities for members of their organisations is inimical to the industry.
He said: "In the exposed 24 - page draft, only one line says chief executive officers should not spend more that 10 years, because there must be continuity and we must develop manpower. I know an insurance company where the CEO has been there for 25 years.
"In the past, in this country, I knew a managing director of a company, that the person next to him was an assistant manager. That is not good for the industry. Some of our managing directors are doing very well, but behind them, there is nobody. I think that is the philosophy behind limiting tenure."
Daniel said the initiative at the moment is only a draft which still requires inputs from operators, adding that NAICOM is closely watching how things will turn out.
He noted that the commission is understudying a similar policy issued by the Central Bank of Nigeria (CBN), stressing that there is no need for apprehension as the decision if considered will be good for the industry.
No comments:
Post a Comment