As part of the process to build a strong and efficient regulatory body for the risk-bearing industry, there may soon be a major shake-up at the National Insurance Commission, NAICOM. The magazine gathered that not less than 100 workers of the commission across the country would soon be shown the way out.
According to sources close to NAICOM, this is to enable the commission recruit new human capital that has the technical and professional competence to regulate the business insurance in the country.
“NAICOM has long been operating like a government ministry with bureaucratic bottlenecks. The commission needs reorganization as recommended by the Bala Zakaraiya’u panel inaugurated to probe the activities of the commission,” he told the magazine.
“It is believed that the commission would do better if the needed social framework is put in place. As I tell you, government is very serious about institutionalizing good corporate governance, good ethical standards that would reposition the commission to deliver its supervisory role in the industry”, he added.
A probe panel was set up after the curtain on insurance industry recapitalization was drawn on February 27, 2007 to review the outcome of the exercise and recommend to government ways to make the industry work and contribute adequately to the nation’s economy.
The report allegedly indicted Emmaneul Chukulozie, the then commissioner for insurance and chief executive officer of NAICOM, who was immediately relieved of his job, and, thereafter, Mohammed Hussaini, deputy commissioner, was appointed on acting capacity to lead the commission.
About three weeks ago, the federal government appointed Fola Daniel, former managing director of Globe Reinsurance, as the new commissioner for insurance and he has since resumed.
NEM Insurance Adopts New Identity
The management of NEM Insurance has re-branded its corporate identity to reflect its operational structure and focus.
Tope Smart, managing director of the company made this known to the magazine in Lagos recently, said that NEM insurance concluded its post-recapitalization integration program with the adoption of the slogan “together to succeed” in the spirit of the ongoing re-engineering of its operations.
According to Smart, the company’s new brand identity is based on the octo-synthesis incorporating the firm’s alignment of its passion for excellence, courage and strength with the expectations and aspirations of clients, shareholders and staff towards desired achievements.
Smart also justified the firm’s adoption of burgundy, yellow and white as its official colors, stating that burgundy stands for vigor, elegance, richness, leadership and maturity while yellow depicts energy, sunshine and optimism just as white signifies purity, perfection and integrity.
The insurer further stated that NEM Insurance brand identity signifies motivation to see beyond impossibility and the attitude to achieve and celebrate triumphs together.
Smart also disclosed that the company has concluded its integration program with full operation in its 11 branches across the nation, adding that the company’s clients and potential customers can now access the underwriting company’s services in Akure, Ondo State, where its branch office in Ondo State would be opened later this month.
As part of the ongoing restructuring program of the company, Smart said its oil and gas department has commenced even as the company has engaged the services of competent hands in this aspect of underwriting business.
Commenting on the company’s position in the industry, he said that with the just concluded recapitalization and consolidation exercise, the battle for leadership is open to any operator notwithstanding its former position in the insurance industry.
“With consolidation, leadership of the industry is open, so NEM is targeting it”, he said.
Appraising the operations of the company, he stated that its gross premium income has risen from N235 million in 2006 to N643 million this year, while claims settled rose from N25 million last year to N82 million this year.
