There are indications that the National Insurance Commission, NAICOM, is putting modalities in place to institute an Insurance Committee for the sector just like the Bankers Committee of the banking sector.
According to Vanguard investigations, the Insurance Committee when instituted is expected to serve as a platform for regular interaction between the regulator and operators and any decision emanating from such interaction is deemed binding on insurance practitioners.
The Bankers’ Committee is a regular and compulsory meeting between the Central Bank of Nigeria (CBN) and all the managing directors of commercial banks operating in Nigeria.
An insurance operator who spoke on the condition of anonymity said, “For the first time, the Commissioner for Insurance will institute an insurance committee similar to the Bankers Committee. With such in place we expect to see more positive engagement and change in the industry because we will have a platform where our regulator sits with us the operators and we take decisions together and everyone ensures that all agreements are implemented. The Bankers Committee is what gives bankers the edge over other sectors because they sit with and engage the Central Bank of Nigeria, CBN.
At such meetings, ideas are analysed, sometimes they are giving to committees to go and study and report back and where decisions are taken, the CBN then ensures that they are implemented for the overall interest of the banking sector.
“So I believe that with positive engagement with the regulator through the insurance committee, the insurance industry will witness significant change,” the operator stated.
Recall that in 2013 the Insurance Industry Consultative Committee, IICC, was inaugurated by Mr. Fola Daniel, Commissioner for Insurance then. However, the objectives of the IICC is to represent the industry’s voice in national and global discourse; guarantee a collective medium for dialoguing; provide a clearing house for vital industry policies; engender a firm anchorage for insurance industry growth agendas; constitute a powerful lobby group for governmental relations, and act as veritable tool for conflict resolution.
Membership of the IICC consists of representatives of NAICOM, Chartered Insurance Institute of Nigeria, CIIN, Nigeria Insurers Association, NIA, Nigerian Council of Registered Insurance Brokers NCRIB, Institute of Loss Adjusters of Nigeria, ILAN, as well as distinguished elders and leaders of the insurance industry.
The IICC meets quarterly to deliberate on emergent issues and to foster its objectives. The committee is chaired by the sitting President of CIIN.