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2009-07-07:NIA tightens noose on erring companies

... As Kari, 3 others secure council seats

Determined to maintain strict discipline within its rank, the general assembly of the Nigerian Insurers Association (NIA) last week in Lagos amended its article of association as to allow greater room for sanctioning erring members.

Specifically, the NIA had altered clause 7(d) of its constitution as to grant longer period of suspension for companies which ran foul of established rules.

"A company whose membership is terminated shall remain terminated for a minimum period of three months even if all conditions for readmission have been fulfilled", the amended version of the association’s constitution read in part.

The amendment to the NIA constitution formed part of the high points of the association’s 38th annual general meeting which held at the Oceanview Restaurant in Lagos last Thursday.

Investigations conducted by Champion Insurance revealed that the NIA governing council chaired by Mr. Wole Oshin is uncomfortable with the manner in which it is usually reversed on matters bothering on the disciplining of member companies.

A case was made recently where the NIA suspended a company only for the association to compelled shortly afterwards to make announcements on the reinstatement of the affected company on the grounds that the all pre-readmission conditions have been met.

"There is this tendency of any suspended company coming up with the argument that since the association made public its suspension, it has the obligation of also announcing its readmission and sometimes this suspension and compliance hold almost immediately considering that no company wants to be seen as an outcast. So, we have to ensure that people take us serious", a member of the governing council of NIA had explained last week.

Meanwhile, managing director and chief executive officer of UnityKapital Assurance Plc Alhaji Mohammed Kari along side Mrs. Yetunde Ilori of Guaranty Trust Assurance Plc last week secured the nod of member companies of the NIA to join the governing council, a position which puts them on the line for the chairmanship of the umbrella body.

Source:Daily Champion

 

 

 

 

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