The National Insurance Commission (NAICOM) graduated risk based supervision capital application in insurance companies has thrown up a lot of issues about the operations of each company.
The company specific outcome the Commissioner For Insurance, Sunday Thomas revealed, has created a volume of issues to examine more closely as it pertains to separate companies.
Thomas said the report has been peculiar because the Commission had devoted a lot of resources to making sure operations of companies come out as it is. He noted that the Commission is content with the application of the RBS methodology by the industry and this out come gladdens him.
The CFI said the system is not just a fault operations meandering device but one that combines unearthing faults and also identifying the areas the Commission could come in with assistance.
On account of the assistance Thomas said the Commission has matched with this report on areas of improvement following every report despatched to companies. “Its not just looking for faults but also the areas they can be assisted. And when we finish our report we send them back to them to let them know the status of their company.”
Despite this approach Thomas said this had not meant the absence of penalties “that run to hundreds of millions of naira because of violations.”