August 21, 2018

Insurers kick against financial bidding

Insurers kick against financial bidding

Insurers Committee, the body that decides policies and issues in the industry, has agreed to move against financial bidding of insurance business. The committee comprises the National Insurance Commission (NAICOM) and chief executive officers of insurance firms.

Briefing reporters after the Sixth Insurers Committee meeting in Lagos, the Vice Chairman, Sub-Committee on Publicity, Mrs. EbelechukwuNwachukwu, said it was not proper for organisations to ask for bidding fees from insurance companies. He said the issue of insurance companies participating in financial bidding was sensitive  and that it formed their major discourse at the meeting, adding that the committee has postponed the industry rebranding project next January.

She also said the regulatory body, the National Insurance Commission (NAICOM), had released the draft roadmap of the industry’s risk base supervision for insurance operators to make their recommendations. According to her, the draft was unveiled by the Commissioner for Insurance, Mohammed Kari, at the meeting giving the operators one month period to critically examine the draft and inject their contributions. She said risk base supervision would enable insurance undertake risks in line with their financial capability. Read more

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