How we saved insurance industry from litigations - Daniel

Daniel

Chuks Udo Okonta

One of the major achievements of the outgoing Commissioner for Insurance Fola Daniel, is his ability to manage the various arms of the insurance industry without any litigation.

The commissioner while revealing the secret behind the feat, poured encomium on the living legend of the industry - Professor Joe Irukwu for his fatherly roles in the hanging of legal actions within the sector.

Daniel noted that the industry is very lucky and that he is particularly blessed to continually enjoy the wise counsel of Professor Irukwu, an erudite Senior Advocate of Nigeria, (SAN) who epitomises commitment to the upliftment of professionalism and good governance in insurance.

"When I was appointed Commissioner, there were really conflicts; there were huge misunderstandings which were escalated to the courtrooms. We had Nigeria Insurers’ Association (NIA) in court with NAICOM, the Nigeria Council of Registered Insurance Brokers (NCRIB) in court against NAICOM. 

"That was the kind of insurance industry I met and I considered it extremely unfortunate because if regulated entities are taking the regulator to court, how will that regulator effectively regulate the entities that have taken it to court without bias? I did not only find it absurd but very unfortunate and regrettable, so I decided to find a way to reconcile the hitherto irreconcilable issues," he said.

He stated that through dialogue and intervention of Professor Joe Irukwu, the legal actions taken against the commission were dropped un-conditionally, adding that even recently, when the industry went to the National Assembly on the amendment of the NCRIB Act, they spoke with one voice as an industry evidencing unity and amity in the  industry. 

Stakeholders, who are excited about developments in the industry, applauded the Commissioner for  the peace and harmony that have existed during his administration.

The stakeholders lauded the commissioner for his ability to save the industry from litigations, contrary to practices in the past.

The Chairman, Nigerian Insurers Association (NIA) Godwin Wiggle, said the association has enjoyed a robust relationship with the National Insurance Commission (NAICOM) under the leadership of Daniel.

He noted that through dialogue, issues that would have translated into litigations were perfectly handled.

The President, Nigerian Council of Registered Insurance Brokers (NCRIB) Ayodapo Shoderu, also applauded the commissioner for his selfless roles in moving the industry forward.

The President, Chartered Insurance Institute of Nigeria (CIIN) Bola Temowo, attributed the growth recorded in the industry in recent times to the roles played by the commissioner in the handling of affairs in the industry.