The unfolding plans by the National Insurance Commission to get back on the set of Insurance Committee, the regular joint meeting of the Commission and the insurance industry as soon as possible has been commended as the right way forward.
The managing director at Law Union and Rock Insurance Plc, Mr Ademayowa Adeduro, (pictured) uptick the Commission’s decision to revive the regular meeting in an interview with Businesspost.com.ng describing it as “an interesting one.”
Taken a cue from the bankers committee, the decision making body for bankers, Adeduro said its a powerful arm in terms of decision making process that affects the banking sector.
Expecting recast in the insurance industry Adeduro comments: “We believe that stakeholders need to be incorporated in insurance decision making at the level of NAICOM.” The resolve of the Commissioner for Insurance to bring back on stream the insurance committee he reiterated is a welcome development, noting that “it will be an atmosphere for us to agree on certain issues for instance, do we continue the third party motor insurance the way we are running it currently. There are so many things to decide together that will be binding on everyone, that way, no one will say will say I am not for that decision I will have my own way.”
LUR boss said all issues cannot be solved by legislation but by the dynamism of moral suasion, insisting that “we need to agree at the level of moral suasion.” Pointing to the way to avoid, he said the insurance committee meetings stopped because the market realised that decisions taken were different from regulatory decisions . He said this could have been resolved if committee decisions seen to be at variance with regulatory actions afterwards or at inter regulatory exchanges were placed before the committee and explained for sundry understanding.
The absence of this approach he reasoned, led to the collapse but he is confident that the CFI, Mr. Sunday Thomas, is truthful, hardworking and forthright in the Commission’s decision to revive the committee and other approaches that are good for the Nigerian insurance environment.
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