To ensure that insurance firms remain committed to a streamlined corporate structure, the National Insurance Commission (NAICOM) has urged insurance companies to adhere to corporate governance guidelines.
This was disclosed by the Commissioner for Insurance, Sunday Thomas, at a workshop in Lagos.
He said that the recently-unveiled corporate governance guidelines would change how underwriting firms and other companies run their organisations.
“The corporate governance guidelines that became effective last month would change the way companies, especially underwriting firms, are being run in the country.
“Companies don’t fail on their own. Instead, people make companies fail. Companies don’t die, companies are killed and the death of companies involves poor governance structure.
“The corporate governance guideline, which has become effective is to make sure that resources put into the insurance sector are well protected.”
He also disclosed that NAICOM had plans to establish an academy that is set to launch at the end of Q3 or at the start of Q4 2021.
Thomas said, “NAICOM has acquired a property and work is currently ongoing. We believe that by the end of third quarter or beginning of fourth quarter 2021, the NAICOM Academy will take off.”