Business
NAICOM Seeks Supervisory Role In Quoted Insurance Firms
The National Insurance Commission (NAICOM) has sought the permission of the Securities and Exchange Commission (SEC) to join in the supervision of insurance companies listed on the Nigerian Stock Exchange (NSE).
A statement, issued by NAICOM in Lagos last week said that Mr Fola Daniel, NAICOM Commissioner for Insurance, made the request when SEC Director-General, Ms Arunma Oteh, visited the Commission.
Daniel said that its supervisory role was necessary in view of the large number of insurance companies listed on the NSE.
He said that the commission had nothing to do with quoted insurance companies 10 years ago because only three of them were listed on the Exchange then.
“But as at today, over 30 insurance companies are listed on the Exchange.
“Some of the companies, we have primary responsibility to regulate or do with SEC because they are quoted on the NSE.
“This makes it imperative for the two regulators to collaborate to ensure effective supervision and regulation of the quoted entities,” the statement quoted Daniel as saying.
The statement, signed by Mr Lucky Fiakpa, Assistant Director (Corporate Affairs) in NAICOM, quoted Oteh as agreeing to the collaboration.
“Such a collaborative exercise should be done more frequently to ensure effective supervision of the companies,” Oteh said.
Oteh commended NAICOM for its awareness programmes and the introduction of micro insurance.
She said that the awareness programme on the compulsory insurance products was enlightening.
Oteh said that she would want to see the sector play a key role in the economy, stressing that financial inclusion was very important.
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