As businesses struggle to beat current economic challenges and align with the government’s plan to grow the economy, the insurance industry’s attention has been drawn to key regulatory concerns.
According to the Risk, Audit and Compliance Committee (RACC) of the Nigerian Insurers Association (NIA), the issues of recapitalisation and risk-based supervision are critical for the survival of member companies.
Yemi Mayadenu, chairman of RACC speaking at its annual retreat held in Abeokuta said the industry in the past year has passed through significant changes that would be of great interest to the assurance functions in the industry.
He said from the regulator, NAICOM, Risk-Based Supervision has come to stay. You will agree with me that RBS is a great acid test to the effectiveness of insurance companies, applauding its member’s role in seeing their companies through the hurdles.
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“As the country is currently passing through economic turbulence, the insurance industry is not spared by government policy to ameliorate this situation. The Industry should be warming up for the new recapitalization regime.”
He therefore drew the attention of its members to buckle up and ensure that their various companies were ready for the recapitalization.
Mayadenu said, “Our focus in this year’s retreat is to see the assurance function playing a key role in contributing to the growth of their respective companies and the industry at large especially on the regulator’s lofty objective of growing the insurance industry premium to N1trillion.”
Mayadenu used the event to announce his stepping down as chairman of RACC effective 1st September 2024, having been recently appointed an executive director at NEM Insurance Plc.
