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 Daily
Independent Online.
* Wednesday, June 30, 2004.
New NIA
helmsman talks tough on ethics
Stories by Bethel Obioma
Insurance Correspondent, Lagos
The new leadership of the Nigerian Insurers
Association (NIA) would vehemently pursue the enforcement of ethical
standards in the insurance industry, the Chairman, Mr. Oye
Hassan-Odukale, has said.
Speaking during his inauguration after the NIA’s 33rd annual general meeting,
Hassan-Odukale stressed that the industry could not afford to vacillate
over the issue of ethics, which play a vital role in the survival of
trade associations.
“As a major self-regulator in the Nigerian insurance industry,
the NIA under my chairmanship will continue to uphold the highest
standard of professional and business ethics and make our association a
place where unethical practices and professional conduct will not be
condoned,” he asserted.
He said insurers must strive to assure the insuring public that
customer-satisfaction is the force that drives their operations, adding
that the NIA’s disciplinary committee and complaint bureau would ensure
that clients’ interests are protected always.
Hassan-Odukale said the NIA under his leadership would also seek
to upgrade the secretariat’s IT infrastructure, adding that it would
embark on a project aimed at improving the secretariat’s Website for
accurate and timely dissemination of information to members and the
insuring public. “In the world today, application of information
technology has become a differentiating factor in organisational
performance. There will be a conscious effort to upgrade and improve the
IT infrastructure to equip the association for the challenges ahead,” he
explained. He said he would encourage NIA member- companies to invest in
IT with a view to maximising the benefits that are derivable from modern
technology.
Speaking on the need for improvement in the industry’s investment
profile, he said he would recommend the formation of a sub-committee to
look into investment matters under the supervision of the NIA’s governing
council. aacordinh to him, the “Investment Committee” would be a forum
for members to analyse and advise on the investment opportunities
available, identify problems and formulate investment strategies.
He added that his leadership would focus on improving on the
industry’s research and statistics unit and ensure that it is
strengthened to provide valuable financial analysis, reports, information
and data that would add value to members’ businesses.
Meanwhile, NIA’s immediate past chairman, Mr. Godwin Alegieuno,
while recapping his tenure, said the introduction of the Insurance Act
2003 represented a milestone in legislations on insurance in Nigeria.
Alegieuno said it was a document that enjoyed the collaboration and
contribution of all stakeholders in the insurance industry. He said the
mandatory recapitalisation provision of the act was a measure geared
towards strengthening the local insurance market.
“The new law will definitely allow for growth and progress in the
industry, as several of its provisions are quite challenging to the
insurance practitioners in terms of service delivery, efficiency and
professionalism,” he said.
He, however, said the results posted by insurers in 2003 were not
very encouraging, owing to the inclement nature of the economy,
inconsistent policies and clients’ indebtedness to the industry.
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