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Tag: CIIN

  • CIIN inducts three fellows, 138 associates

    The Chartered Insurance Institute of Nigeria (CIIN) has inducted 138 associates and awarded three fellows. The Fellowship Awards ceremony held at 10 Degrees Events Centre, Ikeja, Lagos.

    Speaking at the event, CIIN President, Eddie Efekoha, said as a body tasked with providing the human capital needs of the Nigerian Insurance industry, the institute is dedicated to promoting the ideals of professionalism and will continue to exercise its statutory responsibilities as provided in Act NO. 22 of 1993 of the Federal Republic of Nigeria.

    He stated that since 1992, the Institute’s professional examinations have become the take-off board for outstanding professionals, who have grown through the ranks to distinguish themselves in their various endeavors.

    He believed that the graduands’ achievements will urge them to show greater commitment to the institute in the propagation of insurance and all its offerings.

    While congratulating prize winners in the selected examination categories, he said the award of prizes remains a permanent feature of the ceremony.

    He stated that with the rising demands of dynamic business environment and the role that technology is playing in the evolution of current business trends, there is need to substantially adopt a creative approach to improving the skill set of insurance practitioners in the insurance industry.

    Efekoha informed the graduands that by attaining the CIIN professional qualification, they have become custodians of the ethics and codes of practice.

    He said the institute’s newly introduced code of ethics for insurance practitioners will be distributed to the graduates.

    He said all certificates issued by the Institute remain the Institute’s property and could be withdrawn from the holders if the Institute has good reasons to do so.

  • CIIN holds seminar on insurance penetration

    The Chartered Insurance Institute of Nigeria (CIIN) is advocating penetration through value creation at its upcoming education seminar billed for November 7 to November 9, at the Premier Hotel Ibadan, Oyo State.

    The seminar, with the theme: “Increasing Insurance Penetration through value creation”,  is slated to have as guest speaker, Rector, College of Insurance and Financial Management, Dr Yeside Oyetayo. There is a sterling line up of discussants, such as Dr. Rufus Olubunmi Olumide of NEM Insurance PLC; Mr. Joseph Oladokun of Mutual Benefit Assurance Plc; Mr. Lekan Oguntunde of Sovereign Trust Insurance Plc and a representative of NAICOM to do justice to the theme paper.

    The seminar is also scheduled to have Commissioner for Insurance Mohammed Kari, the Olubadan of Ibadanland; His Imperial Majesty, Oba Saliu Akanmu Adetunji and notable government functionaries and top industrialists.

    Education Committee Chairman and CIIN Council member Sir M. O Oyegunle said the choice of the theme was borne out of the need to intensify the clamour for insurance practitioners to use value as the focal point of their service offerings.

    He said: “Insurance companies have to revamp their value proposition and hinge implementation on promoting excellent customer experience. This will greatly improve market penetration and equally increase the number of persons who embrace insurance and have positive assertions.

    “In this age where market saturation is prevalent, offering customers the right value proposition is the difference between just surviving or thriving in the Insurance Industry.”

    He urged Insurance practitioners to ensure attendance and participation in order to obtain the full benefits of the seminar.

    “The education seminar is one of the annual education programmes organised by the CIIN, the body established by statute to determine the standard of skill and knowledge required for the professional and ethical practice of the business of insurance in Nigeria,” he added.

  • CIIN to hold Millennial Assembly

    Millennials within the age bracket of 21 and 30 in the insurance industry, will soon be lending their voices to the future of insurance business in the country, President, Chartered Insurance Institute of Nigeria (CIIN), Eddie Efekoha, has said.

    Efekoha who spoke at a media parley in Lagos, said the Institute is providing a platform called, Millennial Assembly for the young professionals to contribute to the development of the industry.

    He said the Institute is set to host the Millennials Assembly to equip  young professionals and enable them to chart new ways for the industry.

    He said the institute has written to insurance companies to send their staff within the age bracket to attend the event, noting that 31 companies had so far indicated interest to participate.

    He noted that the institute is mindful of the fact that the future of the industry rests on the shoulders of the youth, hence the institute has to prepare them for the jobs ahead.

    He further stated that his tenure will focus on his key mandate of advancing insurance education and professionalism to propel the insurance sector forward.

    He disclosed that the partnership programmes initiated with some tertiary institutions are already yielding results as the Senate of University of Lagos had last week approved the Memorandum of Understanding (MoU) signed by the parties.

    He said that the programme when operational, will pave way for Nigerians to run their masters in insurance in the country, instead of going to the United Kingdom.

  • CIIN: insurance stocks viable

    Chartered Insurance Institute of Nigeria (CIIN) President and Chairman of Council, Mrs. Funmi Babington-Ashaye, has assured players in the capital market of the industry’s ability to deliver value to the investment community.

    Mrs. Babington-Ashaye spoke during CIIN Council member’s visit to the Nigerian Stock Exchange (NSE) in Lagos.

    She appreciated capital market operators for their immense contributions to the recapitalisation of the industry between 2005 and 2007.

    At the moment, she said, the industry fundamentals  were sound and favourable.

    She said: “With the recapitalisation, the solvency and capacity of insurance companies to underwrite large risks and meet obligations arising from claims, have improved tremendously. More importantly, more foreign insurance companies have been attracted to the insurance space due to the resultant improvement in regulations and business environment.

    “As the economy consolidates on its growth trajectory, the industry will, hopefully, enjoy an unprecedented boom due to the various initiatives of the regulator, NAICOM, which includes release of guideline on micro-insurance to deepen insurance penetration and to achieve financial inclusion target for the sector, implementation of compulsory insurance and adoption of new risk-based regulatory regime.”

    She urged players to comply with market regulations and reporting practices in the interest of stakeholders.

    NSE Chief Executive Officer, Oscar Onyema, said the industry occupies an important position in the stock market, adding that the healthier they are, the more sustainable the market and the economy.

  • CIIN moves to end unethical practice

    •Unveils new code of conduct

    A NEW code of ethics in insurance has been released. There has been pressure on the Chartered Insurance Institute  from Nigeria (CIIN) by the National Insurance Commission (NAICOM), which is pushing for more discipline among practitioners.

    The institute’s President, Mrs Funmi Babington-Ashaye, unveiled the new code at the just-concluded National Insurance Conference held in Abuja.

    She said the changing business environment and the pressure on professionals to meet the expectations of diverse stakeholders made the review of ethical standard imperative globally.

    She stated that the code, which replaces the one, is expected to guide the conduct of professionals by principles, adding that it will ensure they act ethically.

    She said: “The changing business environment and the pressure on professionals to meet the expectations of diverse stakeholders made the review of ethical standard imperative globally. This is to guide the conduct of professionals by principles which will ensure that they act ethically. The CIIN and all the other stakeholders in the insurance industry have produced a new code of ethics for insurance practitioners in Nigeria to address all the inadequacies of the previous one and ensure that practitioners are guided by principles of global best practice. This will replace the 1991 Code of Ethics.

    “The enforcement of the new Code of Ethics has been aligned with the existing laws guiding practitioners and the practice of insurance in Nigeria. The penalties for professional misconduct will be as contained in these laws. The new Code of Ethics is principle based. It does not prescribe behaviours but principles to guide the conduct of practitioners. It covers the principles of conduct that will guide relations with clients, colleagues, regulators, the community, the laws of the land and the CIIN. This Code of Ethics states the principles and expectations governing the behaviour of insurance practitioners. It describes the minimum requirements for conduct and behavioural expectations. It does not prescribe behaviour for every situation. The overall objective is to make practitioners adhere to and get committed to the required ethical and professional standards.’’

    She continued: “The purpose of the institute’s Code of Ethics is to promote an ethical culture in insurance profession and ensure a systematic, disciplined approach to evaluate and improve the effectiveness of risk management and corporate governance. The code of ethics sets forth the values, principles and standards to guide the conduct all insurance practitioners. Instilling ethical behaviour among insurance practitioners is key to improving the public image of insurance business. It applies to all practitioners. They are expected to be guided in their responsibilities to clients, the  public,government, regulators, the institute and their ethical behaviour towards other practitioners.

    ‘’The code concentrates on the ethical behaviour of individual members who make decisions on behalf of the organisation because it is the individuals working for the organisations that decide the actions of the organisation.’’

  • CIIN deepens collaboration with CII London on human capital

    The Chartered Insurance Institute of Nigeria (CIIN) has met with Chartered Insurance Institute (CII), London, United Kingdom (UK) to deepen collaboration on human capital development for insurance.

    Insurance Institute of Nigeria (CIIN) President, Mrs. Funmi Babington-Ashaye, who led the Nigerian delegation to the meeting, said both bodies met last week at the London office of the CII to advance discussion on building stronger relationship, knowledge sharing and best practice.

    According to her, the team was received by CII Chief Executive Officer (CEO), Sian Fisher, Chief Operating Officer John Bissell and  strategic adviser to the CEO of CII, Carmen Powell.

    She said both bodies would also work together to engender human capital development and education for the benefit of the industry.

    She said:“Collaboration towards building required human capital that will remain relevant and contribute to the emerging developments in the global insurance market has received a boost, following a strategic meeting between the CIIN and the CII, London.

    “After presentations by both bodies, we agreed on areas of collaboration that will enable the CIIN explore options and suggestions from CII London in order to get exemptions at Advanced Diploma level of the CII London examinations and earn maximum credit points.

    “Also agreed to be considered was collaboration for M.Sc. Insurance and Risk Management with the University of Lagos, where there will be exchange of already prepared curriculum so that the programme can be considered for exemptions by CII London.

    “The meeting also agreed to look at recognising the Centre for Insurance and Financial Management (CIFM) as an institution of prior learning. Other areas of collaboration include resuscitation of staff exchange programme to enhance capacity building, as well as run CII certification programmes and train the trainers at the CIFM.”

    She further stated that the CII after the meeting promised to send the CIIN a response to all the agreed areas of collaboration after due consideration by its board.

    She noted that Powell, during his presentation gave a snapshot of CII operations in Nigeria, saying the UK body has only 145 members in Nigeria, which included 63 Associates and 19 Fellows.

    “The institute, however, acknowledged that it had limited interactions with the regulator, students, affiliate institutes, educational organistions and corporate bodies in Nigeria.

    “For him, it is imperative that CII works together with the CIIN to grow membership in Nigeria since it had decided that Africa was key to its successful international operations. The CII seeks to double its 13,000 overseas membership quickly,” she said.

  • CIIN urges members on tax payment

    As the deadline for the Federal Government’s Voluntary Assets and Income Declaration Scheme (VAIDS) draws near, the Chartered Insurance  Institute of Nigeria (CIIN) has advised insurance practitioners to pay their tax.

    Its President Mrs Funmi Babington-Ashaye, gave the advice at the VAIDS Awareness Lecture organised by the institute at NEM Headquarters, Lagos.

    She said the aim of the seminar sponsored by Risk Analyst Insurance Brokers was to create awareness among the institute stakeholders, such that defaulters, if any, could leverage the opportunity to make it up to government by paying their tax obligations.

    She said the penalties for not taking advantage of this window for those that would be caught, would be very severe.

    She noted that it is therefore important that they spread the word to encourage more tax compliance.

    She said: “The VAIDS initiative was motivated by several reasons. First, the unstable price of oil in the global market has serious negative implication for government revenue and its ability to meet its budgetary needs. As result, in 2018 for instance, the estimated budget deficit is N2.01trillion.To strategically seek ways of boosting its revenue from other sources and also bridge this funding gap, the VAID Scheme, became a compelling option.

    “Secondly, in many other countries, tax is the main source of government revenue whereas in Nigeria, tax does not currently play a significant role. For instance, the contribution of tax (all taxes) to GDP in Nigeria is six per cent whereas Ghana, Morocco, South Africa and Tunisia, respectively, have 15, 26.1, 26.2 and 30.3 per cent. Given the African continent’s average of 19.1 per cent, there is need to change this situation.

    She stressed that the fact that the payment of tax is a legal requirement and thereforemakes it mandatory for all persons to pay taxes on their legitimate income.

    She pointed out  that there is no direct relationship between the amount of taxes a citizen pays and the benefits he or she receives or enjoys.

    “Thus, payment of taxes is a civic obligation. It is the citizens’ contribution to the running of government and not an exchange process. With higher tax revenues, the government will be better placed to meet the needs of Nigeria’s growing population. If we pay tax, we can then hold the government accountable.

    “What the government has done with the VAID Scheme, therefore, is to provide a window for all tax defaulters or evaders to voluntarily declare their hidden or previously undeclared assets and income over which they have not paid taxes so that they can be appropriately taxed. In taking this decision, the government wants to forgive their previous sins of not paying taxes as well as waive the associated sanctions. It is more like a tax amnesty. The window which was opened on July 1, 2017 for nine months will close on March 31, 2018. The message is very simple, declare previously undeclared assets and income, pay appropriate taxes on them and you are good to go”, she added..

  • CIIN to embark on membership drive

    The Chartered Insurance Institute of Nigeria (CIIN), is set to  mobilise workers in insurance institutions to register with it in the next one year,  its President, Mrs. Funmi Babington-Ashaye, has said.

    Mrs. Ashaye, who spoke at the CIIN Elders’ Forum in Lagos, said this was  aimed  at enrolling about 3,000 members.

    She said the Institute is in talks with the National Insurance Commission on the matter.

    The president also said the creation of insurance awareness by the institute through enlightenment and education, was one of the critical strategies for rekindling Nigerians’ interests in the industry’s offerings, saying there was an information gap among the profession, industry and the public.

    It was against this background, she noted, that the institute  decided to address the information gap through public enlightenment and education.

    She said  the institute had embarked on regular advocacy, enhanced insurance awareness, members’ con-tinuing professional development, among others.

    She said: “Since I took over the mantle of leadership six months ago, our institute and profession had made modest progress  The regular advocacy  initiative involves reaching out to key stakeholders, policy makers, including top government functionaries to persuade them to create an enabling environment for insurance to thrive in their domains and also for them to embrace the insurance philosophy.

    “Without doubt, the creation of insurance awareness through enlightenment and education is one of the critical strategies for rekindling the interest of stakeholders in the industry’s offerings. As part of the quick wins and the dire need to inform our members of happenings in the institute, profession and the economy, the council, under my leadership launched its CIIN Monthly Newsletter.  Electronic copies of the September 2017 maiden edition were emailed in September 2017 to all financial members of the institute.

    “We have taken the insurance awareness campaign to the youth. Our desire is to catch them young and imbibe in their consciousness the crucial roles insurance plays in human endeavours. As part of this initiative, the council has developed a roadmap to drive the institute’s proposed partnership with the National Youth Service Corps (NYSC). The pilot edition of the programme kicked off at the Lagos State NYSC Camp during the November 2017 Orientation where a career talk was organised for the benefit of corps members.

    ‘’A CIIN Enquiry and Help Desk was also on ground throughout the duration of the orientation exercise where corps members were intimated on the concept of insurance and its benefits both as a profession and as a career. Also, a four week Insurance proficiency course organised for the Youth Corps members will commence on Saturday 20th January, 2018. This initiative, which is designed to help attract young Nigerians into the insurance profession, will be replicated and sustained in other states of the Federation until it achieves a national spread.’’

  • Insurance needs more experts, says CIIN chief

    The insurance industry is highly in need of more professionals, Chartered Insurance Institute of Nigeria (CIIN) President, Mrs Funmi Babington-Ashaye, has said.

    She made this known at the third graduation of the College of Insurance and Financial Management (CIFM) at Asese Village in Ogun State.

    The theme of the graduation lecture was: The 21st century insurance professionals is quite apt.

    She said the  profession is no longer conservative as it uses information technology and social media, especially  the millennials, adding that this has brought positive changes to the industry.

    She said: “Consequently, without any gainsaying, it is my utmost belief that our graduands, being part of the digital generation, represent the future of the industry, and would be among the insurance practitioners that will take the industry to the next level.’’

    Governing Board Chairman, Mr Eddie Efekoha, advised the graduands to embrace high ethical standards in their practice, warning that there is zero tolerance for unethical behaviour and the CIIN  would sanction any one found guilty.

    Efekoha, who is also CIIN Deputy President, noted that their vision is to make the institution highly competitive.

    The college’s Rector, Dr. Yeside Oyetayo, said the institution recognises that the industry requires some specific skills  to propel it to the next level and take its rightful place in economic development.

    “Consequently, the college has partnered various international organisations, such as the Impact Insurance Facility of the ILO, GIZ, a German trade facilitation agency, and Actuaries Without Borders, a non-profit volunteer organisation within the International Actuarial Association (IAA), to deliver on our mission.

    ‘’Our efforts have not gone unnoticed and the recent appointment of the college as the certifying institution for Bancasssurance officers in the industry is an attestation to this fact. The college has continued to deepen its involvement with the industry through customised training programs to meet specific needs of various companies in the industry.’’

     

     

    “The college is also involved in the CIIN insurance education and awareness initiatives such as the ‘Catch them Young’ programme of the youths during their service year. Furthermore, the College is part of the CIIN Presidents efforts to increase the number of universities offering insurance as a degree programme. The collaboration with Babcock University to develop the curriculum for the insurance programme which is commencing next year is an example of this.

    “Similarly, the College offers full-time and part-time Diploma in Insurance and Certificate Courses in Risk Management, Pensions and Annuity and Islamic Finance and Takaful. Furthermore, we also conduct induction training for new recruits in the insurance industry. We are also currently collaborating with universities in Nigeria offering degree courses in insurance on our Foundation Programme in a bid to increase the enrolment levels for insurance programs in various universities”, she noted.

  • CIIN: Secondary schools offer insurance

    Government secondary schools in 13 states and the Federal Capital Teritory (FCT), Abuja, are  offering Insurance as a subject in their syllabus, the President, Chartered Insurance Institute of Nigerian (CIIN), Mrs. Funmi Babington-Ashaye, has said.

    Mrs Babington-Ashaye, who made this known at a media briefing organised by the institute in Lagos, listed the states to include Lagos, Enugu, Rivers, Edo, Imo, Ekiti, Kwara, Ondo, Osun, Oyo, Ogun, Kaduna, Kano and Abuja.

    This, according to her, is happening as a result of the initiation of the secondary textbooks programme adopted by the institute, adding that CIIN is proud that the initiative has started yielding good results as students across the country now write insurance at the West African Examinations Council (WEAC).

    She said: “We are now in 14 states; recently, we visited Edo State and when the governor received us, he was surprised to know that students now write insurance at ‘O’Level.

    “We are not there yet in terms of catching the youth at young age in a bid to ensure that everybody embraces insurance, but it is getting better. Some states now encourage their children to take insurance as a subject in secondary schools.”

    The institute, she said, is currently working with the University of Lagos (Unilag) to introduce an Executive Master’s Degree programme in Insurance and Risk Management, which will be structured like the programme of Cass Business School (CBS), United Kingdom (UK). She added that on successful completion of the CBS Master programme in Insurance & Risk Management, for instance, its graduates are usually eligible to predetermined exemptions from both the CII UK and Nigeria qualifying examinations.

    “This also facilitates the attainment of the Chartered Institute of Advanced Diploma of both UK & Nigeria. Our desire is to replicate this programme in partnership with the University of Lagos for the benefit of our members”, she said.

     

    The University of Lagos Team in conjunction with the Institute and Rector of the College of Insurance & Financial Studies are presently working on the content of the proposed MSC Risk Management and Insurance Programme. Also, a series of top level meetings are being held by all the key stakeholders to fashion out the best possible modalities for the programme,” she said.