The Commissioner for Insurance, National Insurance Commission, (NAICOM) Mr. Fola Daniel, has assured the commissions resolve to equip the Independent Corrupt Practices and Other Related Offences Commission (ICPC) with knowledge on insurance operations to enable it to effectively rid the sector of corrupt practices.
This was disclosed by the commissioner during a workshop on insurance regulation and practice organised by NAICOM for the ICPC and its officers.
He stated that the workshop was, among others, was meant to increase the level of awareness of the ICPC and its officers about the insurance regulatory environment and to foster better understanding of the insurance business model as well as emerging issues in the industry.
“While we are aware that the ICPC had over the years been working with other regulatory bodies in monitoring activities within the different financial services sectors, very little has been witnessed in the insurance sector,” he said.
He said a few months ago, NAICOM’s management had paid a courtesy visit to the chairman and board of directors of the ICPC.
The purpose of the visit, he added, was to request the collaboration and assistance of the ICPC in fighting corrupt practices in the insurance industry.
“I informed the ICPC chairman at the meeting that NAICOM will undertake to conduct training, workshops and seminars for officers of the ICPC to ensure a seamless collaboration between the two agencies in respect of investigation and inspection of insurance entities,” he said.
He explained that the goal was to equip ICPC officers with the requisite knowledge of insurance regulations and practices, which are unique to the industry and differentiate it from other financial services.
According to him, a good understanding of the insurance regulatory environment and practices will enable efficient and effective investigation and prosecution of matters that may come up for action by the ICPC.