The National Insurance Commission (NAICOM) has called on insurance practitioners to be professionals and shun all action that will give operators in the sector negative perception.
Mr. Fola Daniel, the Commissioner for Insurance (CFI) who made this assertion noted that insurers’ words must be their bonds and they must not under any guise fail to meet genuine claim settlement.
In his words “The relevance of ethics and integrity to insurance business cannot be over emphasised. Where they exist, it breeds trust, confidence and creates a boost in business generation. The non-existence of these virtues amongst some practitioners has helped in giving the industry a negative image. We cannot continue in this path any longer.
There must be a change of attitude and behaviour amongst practitioners. We cannot continue to do the same thing all the time and expect a different result.”
Meanwhile, NAICOM said that it will not allow laundered money to find its way into the insurance sector as the banks begin their divestment from their insurance subsidiaries.
Daniel said the Commission is poised to block off all laundered money as well as people with unscrupulous character from investing in the insurance sector, stating that the industry is not a hiding place for money launderers that are looking for places to hide stolen monies.
While decrying the risk involved in letting laundered money find its way into the insurance system, Daniel reiterated that the perpetrators of money laundering will not add any value to any company that they may invest in.