Coming together as one industry, either as underwriters, brokers, loss adjusters or reinsures and presenting issues in one voice and for a common goal would enable all stakeholders in the insurance sector achieve greater strength and stability, Adetimehin, president, Chartered Insurance Institute of Nigeria (CIIN) has said.
Adetimehin who spoke on the formation of the “Insurance Industry Consultative Committee” a body that will be made of all stakeholders in the industry and create platform to resolve issues and form a common front, said it has long been expected in the industry.
He disclosed recently that the committee would soon be commissioned, adding that Fola Daniel, the commissioner for Insurance has endorsed the initiative which is aimed at uniting and promoting common interest of the industry.
The committee would be made up of executives of the various arms, who would before coming to meetings, meet with their members and table issues bothering on their operations and practice, and present same to the committee.
According to him, the executives of the various arms have met to reappraise the modalities, objective, constitution of membership, regularity or frequency of meetings, chairmanship of the body, administration of the body or who qualifies to be member of the committee, and all these have been peacefully resolved and conveyed to the commissioner who endorsed the initiative.
“What has been in place many years back is the various arm of the industry, approaching and sorting out issues with our regulator independently, without considering whether the interest of the other arms are affected or would be affected and at the end of the day we have conflict of interest,” he said.
He noted that under the new concept or initiative, all the arms of the industry would be put together under one umbrella, and that at regular intervals, they would speak with the regulator.
“We would be saving time, unnecessary dissipation of energy and at the same time achieving much and collectively with one voice. I want to let you know that the objective behind this concept has been well embraced by the various arms, including our regulator, Adetimehin said.