Business
NAICOM Begins Implementation Of Corporate Government Code
The National Insur
ance Commission(NAICOM) has announced the commencement of the implementation of the corporate governance code in the insurance industry in Nigeria.
This was disclosed to newsmen in Lagos on Monday by the NAICOM sub-committee chairman for the implementation of the corporate governance code, Mr Hassan Odukale who said that operators within the insurance industry would be given up to the end of March, 2016 to comply with the industry’s 2009 code.
Odukale said that the implementation of the corporate governance code would address challenges being faced by the insurance industry in the country.
He said towards achieving the peaceful implementation of the code in the insurance industry, the commission has set up committee comprising competent professionals in the industry to effectively look at the various challenges plaguing the insurance industry and make their findings to the appropriate authority.
He said that the commissioner for Insurance, Mr Muhammed Kari, is poised to overhaul the insurance industry and reposition the industry for efficiency.
Odukale added that the committee would come up with a roadmap and set out implementation plan to deal with major issues with the insurance sector like Risk Management Framework and cooperate governance.
He said that NAICOM and stakeholders in the insurance industry have agreed to draw standards on minimum capital requirement of operating companies in the sector as contained in the guidelines, stressing that insurance operators have also agreed to raise additional capital depending on the type of risk they intend to underwrite.
He called for the cooperation of all stakeholders in the insurance industry to move the sector forward.