Insurers tasked on professionalism, market discipline for development
No nation can develop without a disciplined and organised insurance industry. These were the words of Joe Irukwu, professor and doyen of the Nigerian Insurance Industry at the send forth in honour of the former commissioner for Insurance, Fola Daniel in Abuja.
Daniel in his last official assignment on Thursday in Lagos being the official commissioning of the Centre for Insurance and Financial Management (CIFM) in Lagos, corroborated Irukwu to say that professionalism and discipline is key to attaining the industry’s expected growth.
Daniel said let me advise that as you bask in the euphoria of this accomplishment, you should not lose sight and focus of the big task ahead – the knowledge gap in the industry as well as professional indiscipline.
“This is unacceptable. It calls for all hands to be on the deck if we are to attain the professional height and standards we all crave to enable the industry occupy its rightful position in the fore front of the financial services sector, the former commissioner said.
Daniel noted that as a prudential regulator, the quality and technical capacity of insurance practitioners in the country is a major concern to the commission, stressing that NAICOM will continue to support efforts at ridding the profession of indiscipline and non adherence to rules and ethical standard.
“It is our desire in NAICOM to superintend over an insurance industry that is flouting, financially strong and viable but with the right mix of professionals,” he posited.
Daniel noted that he can’t remember in the last 10 years if anyone has been disciplined by the CIIN in spite the high level indiscipline in the industry.
The multi-million Centre for Insurance and Financial Management Studies (CIFMS) which was commissioned by Fola Daniel has a first phase an administration block; syndicate rooms; 50 room students’ hotel; 10 chalets; rector’s lodge; lecturers’ lodge and restaurant.
Daniel at the event in Asese Village, along Lagos Ibadan expressway, said the commissioning marks a watershed in the history of not just the institute, but the entire insurance sector, adding that the landmark accomplishment symbolizes growth and key to future success of the sector.
He said the CIFMS is a value addition to the quest to better position the Chartered Insurance Institute of Nigeria (CIIN) in the industry, and herald a new era of improvement on services rendered by the institute.
“As the education arm of the industry, this is certainly a step in the right direction towards the attainment of the CIIN mandate which is to breed and certify insurance professionals in the country, a pre-requisite for individuals to qualify as insurance practitioners.
President CIIN, Bola Temewo, who was happy that the project was commissioned during his tenure thanked all who made financial donations and contributions toward the project.
Modestus Anaesoronye