NAICOM demands sound business ethics from insurance operators

The National Insurance Commission, NAICOM, has reminded Insurance Firms of the need to adopt and abide by business etiquette and ethics in all their professional dealings.
The regulator told operators at the 2020 Nigerian Council of Registered Insurance Brokers (NCRIB), CEOs’ Retreat that the unprofessional conduct of a few people is posing great danger to the collective integrity of the industry.
Thomas O. S., Commissioner for Insurance/CEO of NAICOM, in his remarks at the forum noted that over the years, a lot has been put into improving the fragile image and perception of insurance in the country.
He charged them that as intermediaries, business sincerity and customers’ satisfaction must be central to their core business principles.
The Commission, he said has always and will at all-times extend her full support to all stakeholders in the industry in their drive for business growth and development.
The CEO, said the Commission is open to new ideas and shall continue to introduce new reforms and initiatives in line with international best practices that will strengthen our institutions.
Thomas, stated that the year has no doubt been a very challenging one for the sector, individual households and the economy at large as a result of the COVID-19 pandemic.
However, to the insurance sector, the situation calls for a paradigm shift from the usual way of business practice, and thus it is therefore imperative on the industry to embrace and align its businesses to the new world order if it must be seen to be relevant, he advised.
He said NAICOM is also adjusting to the challenges and/or opportunities which the pandemic has imposed on the socio-economic and business environment.
He observed that the, “Annual NCRIB retreat for CEOs has always been an avenue to interact and share ideas for the betterment of the insurance broking business in particular and the sector at large.

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