The National Insurance Commission has expressed concern over the lean input of insurance operators to guidelines forwarded to them for feedback.
The Deputy Commissioner for Insurance (Technical) Abubakar Sabiu Bello made the charge at the inauguration of the 13th President of the Institute of Loss Adjusters of Nigeria (ILAN) in Lagos.
Bello said the Commission has made a standing policy to always expose draft guidelines to the market whenever any was in the works and the feed back do not match the expectations.
Reacting to the guest speaker call for eventual self regulation that rely more heavily on industry associations to establish market prices and standards, Bello said the market at the present level of development cannot accommodate that and, it has the potential to pull down gains made so far. Rather he said the Commission is transiting from rule based to risk based supervisory metrics and disposition which not only has purview over capital requirements but also in monitoring the financial health of the industry.