The Port Harcourt Branch Manager Are Insurance Limited, Yomi Johnson has called for adequate regulation of insurance activities for effective development in the nation.
Johnson made the call over the weekend during a training seminar organised for Rotary Club leaders in Port Harcourt.
He reasoned that if the activities of the insurance sub-sector of the money industry are properly monitored, the country will experience rapid economic development.
He noted that strict adherence to the policy guidelines of the financial sub-sector would ensure rapid growth in the sector and also build the confidence of the public into seeking policies.
Johnson further explained that, “regulation has among other things built up financial inclusion, created access to bank facilities, created deeper reserves to investment capital at both individual and corporate levels and promoted compliance.
Additionally, he said strict regulations have also helped to improve policies and instituted international best practices in the insurance industry.
He urged insurance operators to embrace effective and efficient risks management processes, forestall unwholesome market practices return premium and frequently carry out self regulation exercises.

Tonye Nria-Dappa