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Tag: CIIN

  • ILAN committee reviews exam suspension by CIIN

    The Institute of Loss Adjuster of Nigeria (ILAN) has set up a five man Ad-Hoc Committee to review the suspension of its examination by the Chartered Insurance Institute of Nigeria (CIlN).

    ILAN immediate past president, Chief Lebi Omoboyowa made this known at the institute’s Annual general meeting held in Lagos.

    Omoboyowa said the institute is witnessing turbulent times in this area of its activities in recent months.

    He said: “On 22nd December, 2014, a letter suspending ILAN from conducting its examination was received from CIlN relying on the section of their charter which makes them the only body to provide insurance education in Nigeria.

    “Various approaches have been adopted by the Committee and the Council to resolve the issue. The matter has been taken to Insurance Industry Consultative Council (IlCC) for their intervention.

    “CIlN, however, wrote ILAN asking us to make input into their on-going syllabus review. The current position is that they have requested for our syllabus as they intend creating a more all-embracing examination syllabus whereby those candidates who wish to go into loss adjusting will choose those subjects that are relevant to this field of practice.”

    He said the Council is already working hard to present a position paper and input into CIlN examination syllabus in such a way that the interest of ILAN as a member of the International Federation of Adjusting Associations is not jeopardised.

    He appealed to the institute’s students who are writing or intend to write our examination to bear with ILAN as these policy issues would be resolved shortly.

    Speaking on the request of increase in the institute’s scale of fees by underwriters, the president said it had become clear that the umbrella body of the underwriters, the Nigeria Insurers Association (NIA) would not review its fees.

    “Despite our unrelenting efforts in trying to get the NIA meet with us and carry out a long overdue review of our Scale of fees, it is clear that the NIA are not willing to carry out a review.

    “It was in this light that suggestions were made during one of our CEO meetings that we adjusters need to seriously consider alternative sources of income; the most acceptable suggestion being that we increase the scope of our services to include Loss Assessors, thereby offering our skills to the insuring public, may be through an alternative registered company in that regard.”

    He further said the institute’s quest for a Charter has for some time been put on hold. This was due to the political situation in the country and the decision by your Council not to risk their funds on an exercise with a very uncertain outcome.

    He said now that a new legislative session has come in, the incoming Council may wish to continue from where we stopped. It must be stated that we are facing a lot of challenges within the industry on this.

    “This notwithstanding, it is the opinion of your Council that nothing in the current legislation prevents us from seeking a Charter. It is a constitutional right and to succeed we need to have the committed support of all our members,” he noted.

  • CIIN holds investiture tomorrow

    The Chartered Insurance Institute of Nigeria (CIIN) will tomorrow install Lady Isioma Chukwuma, the Managing Director of Nigeria Re insurance Plc, as its  47th President.

    The investiture will hold at the Federal Palace Hotel, Victoria Island, Lagos at 1 pm.

    It will be chaired by Chief Ade Ojo, Chairman, Elizade Motors and Custodian and Allied Insurance Plc.

    The theme of Lady Chukwuma’s presidency is: Consolidating the gains of the industry for national economic growth.

    Lady Chukwuma, a reinsurer succeed Bola Temowo, a loss adjuster. Chairman of the Presidential Investiture Committee, Fatai Lawal, said the theme is borne out of the need to consolidate on the gains the institute has made during the tenures of  former presidents.

    He said Lady Chukwuma aims to achieve the objectives of her theme by situating the CIIN on the global stage, upscaling collaboration with CII, United Kingdom, promoting insurance awareness by increasing the visibility of insurance through publications in the print medium and pay courtesy visits to the newspaper houses.

    According to him, she also intend to follow-up on the recognition to CIIN Certificate by the Head of Service (HOS) of the Federation, renew pursuit of training of insurance teachers,  achieve wider coverage in the presentation and distribution of the institute’s sponsored insurance textbook for senior secondary schools, completion of institute’s Exams Syllabus Review.

    Other ways she intend to achieve her aim is to commence of work in the institute’s Victoria Island property, pursue extending the institute’s professionals to countries in West and East and Central African sub-regions, including Ghana, Sierra Leone, Liberia, Kenya, Uganda, and Zimbabwe and promote members’ benefits.

    Lady Chukwuma is Deputy President of the institute. She has served the institute in various capacities over the years and has remained committed to the institute’s cause since her election into the institute’s Governing Council in 1999.

    Born in her home town of Asaba in Oshimili South Local Government Area of Delta State and qualified as Associate of Chartered Insurance Institute, London in 1990, Lady Chukwuma joined Nigerian Reinsurance Corporation in 1980. She rose through the ranks till she was appointed helmsman in 2009.

     

     

  • CIIN confab to hold July 26

    Operators have planned  a Annual Mega Conference to hold from July 26 to July 28, this year at the Transcorp Hilton, Abuja.

    The theme is: Developing insurance business for national growth.

    President, Chartered Insurance Institute of Nigeria (CIIN) and Chairman, Insurance Industry Consultative Council (IICC), Bola Temowo, made this known at a briefing in Lagos.

    He said the conference was the first  for stakeholders in the  industry to speak with one voice.

    He added that it was also informed by the need to upscale the capacity of the industry for effective performance and improved contribution to the growth of the country’s Gross Domestic Product, which is receiving  attention of the industry.

    The keynote address at the conference will be delivered by the Commissioner for Insurance, Mr. Fola Daniel while the theme paper will be presented by Mr. Frank O’Neill, Managing Director, Swiss Re, ME & A.

    Other guest speakers are Managing Director, LASACO Assurance Plc, Ven Olusola Ladipo-Ajayi; Managing Director, Financial Derivatives Ltd, Bismarck Rewane.

  • CIIN targets NYSC members

    CIIN targets NYSC members

    The Chartered Insurance Institute of Nigeria (CIIN) has set out plans to attract members of the National Youth Service Corps into taking its examinations to achieve the target of raising 5000 professionals.

    CIIN’s Director Education, Ayeni Ebun, who made this known said an initiative code-named NYSC-CIIN is one of the concepts designed to attract young people into taking the institute’s examinations.

    He added that initiative and others would help raise the number of professionals in the industry.

    He said: “There is a concept we called NYSC- CIIN initiative, which was designed to catch professionals young. Under the initiative, we hope to go to Iyanu Ipaja orientation camp of the NYSC in Lagos and the Sagamu NYSC camp in Ogun State to sell our products to the youth corp members.

    “We will organise a programme for them to educate them on insurance and they will be given certificates for attendance. We trust that by the time the youth corps members will be finishing with their services, we would have introduced them to insurance and would have some of them enrolled in our examinations.”

    He noted that the institute would also take the hunt to universities, adding that the drive to catch the young ones at the secondary schools level would also be intensified.

    “We are also undertaking student drive in some universities that offer insurance.  We called the concept Student Enrollment and Institute Promotion. We are to go to those universities to tell them the importance of insurance.”

    He added that they want them to know the importance of being an insurance professional, which is more important than just acquiring the degree in insurance.

  • Nigeria has 2748 professional insurers, says CIIN

    Nigeria has 2748 professional insurers, says CIIN

    • To withdraw errant members’ certificates 

    With the addition of three members’ conferred with fellowship title by the Chartered Insurance Institute of Nigeria (CIIN) and 122 associates graduands, the number of registered professional insurers in the country now stands at 209 fellows and 2,748 associates, its President, Mr Bola Temowo has said.

    Besides, Temowo said the institute has taken into cognizance, the new mandate by the Federal Government requiring the insurance sub-sector to create 150,000 new jobs in the next three years and 300,000 in the next one decade.

    Temowo who spoke at the institute’s Graduation and Fellowship Awards Ceremony in Lagos said the establishment of the College of Insurance and Financial Management planned to take off fully in the first quarter of next year is a significant development in the direction of getting more people into the insurance industry.

    He said with academic programmes on the verge of take-off, the college is poised to provide ample opportunities for persons desirous of joining the industry.

    Temowo however threatened to withdraw the certificates of members who breach the examination process and engage in other unethical practices.

    He said: “Let me state unequivocally that the Institute reserves the right to withdraw its certificate from any holder, if it discovers any breach of the examination process.

    “A further reason for such withdrawal of certificates could emanate from acts unexpected of a holder of the Institute’s professional qualification. This policy remains in force.”

  • NCRIB in dilemma over charter bid

    NCRIB in dilemma over charter bid

    There is disquiet among Insurance brokers under the umbrella of the Nigerian Council of Registered Insurance Brokers (NCRIB) over a plan to become a chartered body and be self-regulatory. The brokers fell into trouble with other trade associations after the only chartered professional body, the Chartered Insurance Institute of Nigeria (CIIN) kicked against their bid. They have since been in a dilemma on how to resolve the issue. Omobola Tolu-Kusimo reports

    Insurance brokers under the umbrella body of the Nigerian Council of Registered Insurance Brokers (NCRIB) has, for a long time, pushed to self-regulate themselves instead of being   regulated by the National Insurance Commission (NAICOM).

    To pursue their dream, they are pushing for an Act in the National Assembly to create an Institute of Chartered Insurance Brokers, and transform it from its current status as a market association to a regulator.

    The Bill, SB 507 was enrolled in the Senate on June 26  this year, and has passed through the second reading in the chamber. It is a private bill being sponsored by Senator Gbenga Kaka from Ogun State.

    Section 2 of the Bill stipulates the duties of the institute when it is finally created, to include establishing and maintaining a central organisation for all insurance brokers, and enrolling persons as chartered insurance brokers.

    Others are to “register insurance broking bodies, and secure in accordance with the provision of the bill, the establishment and maintenance of a register of chartered insurance brokers containing their names, addresses and qualifications and such other particulars as may be prescribed of all persons who having applied in the prescribed manner, are entitled under the Bill to be registered, and the publication from time to time, of the lists of this persons.”

    The institute when created will further seek “to encourage the dissemination of knowledge, education practical training and research into the profession, establish and maintain a library” and also arbitrate or settle dispute or questions between members and other parties.

    “While it will discipline its erring members, the institute will also do such things from time to time, aimed at elevating the status of the chartered insurance brokers and the protection of their interests and procure their general efficiency and proper professional conduct,” the Bill provided.

    But the crux of the matter and the question on the mind of most operators in the industry is whether the brokers are disciplined enough to self-regulate themselves. They wonder how safe is the insured premium with a broker, who is not under the regulation or an authority of a higher body?

    Meanwhile, the educational arm of the industry, the Chartered Insurance Institute of Nigeria (CIIN) has requested that the Senate throws out the Bill as it is tantamount to running parallel to the industry regulator, NAICOM.

    Before now, some of the brokers have always been at loggerheads with NAICOM over what they described as highhandedness of the regulator against them and have  threatened to drag the Commission to court.

    A hot battle could have ensued in 2010 between the duo as a result of some recommendations made to the government in the Insurance Act 2003, which is still under review at the National Assembly. The brokers were almost going to court over what they alleged as undermining their importance in the review of the Act, but it was settled before it degenerated.

    A few years after, they continued to disagree with the Commission as it recently deregistered some 32 members over regulatory requirements. The Commission made itself clear that it will not relent at enforcing the law on erring brokers or underwriters who engage in various malpractices in the industry.

    Commissioner for Insurance, Fola Daniel, said the recent withdrawal of 32 licenses of insurance brokers is as a result of their inability to meet the requirements of the Insurance Act 2003, which mandates brokers to renew their licences and render  returns as at when due to the regulatory agency.

    Daniel called on the brokers to abide by the industry’s laws or face the music as there is no longer hiding place for offenders.

    He said the Commission will be very firm in enforcing compliance with laid down rules and regulations in order to instill discipline in the sector. He said: “It is high time we all stepped up our game and learnt to play by the rules. It is only by so doing that we can achieve real growth and development in the industry and make meaningful contribution to the economy.

    “The Commission will continue to create the right environment for ethical behaviour and conversely, where we identify actions detrimental to the interest of the industry; we shall take corrective steps as part of our mandate. We shall continue to be responsible, responsive and when necessary, carry you along in the course of our actions and/or inactions; but in the overall interest of the industry, will regulate in accordance with international standards and best practises.”

    CIIN President, Bola Temowo, in a letter to Senate President, Senator David Mark, titled: “Concerns of the Nigeria Insurance Industry about the Bill before the National Assembly for an Act to Provide for the Establishment of the Institute of Chartered Insurance Brokers,” said the CIIN is the body charged with the general duty of determining the standards of knowledge and skills to be attained by persons seeking to become registered members of the insurance profession in Nigeria.

    The letter read: “The institute is empowered to carry out these duties by the provisions of the CIIN Decree No 22 of 1993. Among the principal objectives of the institute are to promote insurance education through conducting professional and certificate examinations for the purpose of registering eligible persons as insurance practitioners, encourage and assist insurance professionals to regularly update their knowledge in order to respond positively to changes in the business environment and meet the challenging needs of their clients; promote the general development of insurance practice by conducting, encouraging and assisting in the conduct of research into insurance and allied subjects with special emphasis on local practices, laws and conditions and also uphold and encourage members to adhere strictly to the observance of the industry codes of conduct and ethics for a healthy practice of the insurance profession.

    “The Governing Council of the institute that makes policy decisions, which cover all spheres of the Institute’s operations, has representations from all the trade associations in the industry, including the NCRIB.

    “The industry as represented at the Insurance Industry Consultative Council of the Chartered Insurance Institute of Nigeria, hereby states its concern about the bill. The ostensible goal of the sponsor of the Bill is to transform the NCRIB, an existing trade association to the status of a chartered professional body. This is inconsistent with practices in other known jurisdictions and will create conflict of laws. All the activities that are intended by the bill in this regard are currently being performed on behalf of the entire industry by the CIIN.

    “The attention of your Excellency is drawn to the fact that if the bill is passed into law by the National Assembly it will be in conflict with the powers of NAICOM to register or license and regulate conduct of operators in the insurance sector. The quest is unconventional in the comity of global insurance professional bodies and will dismember the insurance sector of the nation’s financial system.

    “It is capable of introducing double standards and engendering dissent and division in the insurance sector of the nation’s financial system. The industry cannot afford any Act seeking to further divide it and weaken the fabric of its much desired bonding. The entire industry is opposed to the Bill and considers therefore, the withdrawal of the Bill from being passed into law.

    In another letter by Temowo to the NCRIB President, Ayodapo Shoderu, titled: “Expression of Disappointment at the Subsisting Bill before the National Assembly for an Act to provide for the establishment of the Institute of Chartered Insurance Brokers,” said the CIIN Governing Council is appalled by the Bill especially, on the intent and purpose to keep this from the knowledge of the Insurance Industry Consultative Council (IICC) of which NCRIB is an active member.

    He said: “We note with displeasure, the intent of NCRIB in seeking what is tantamount to the dismemberment of the singular professional body, the CIIN, which by Decree 22 (Now Act) of 1993 was assigned the responsibility to determine the standard of skill and knowledge for insurance practitioners in Nigeria including insurance brokers.

    “The quest by NCRIB for a second chartered body within the industry is not only in bad taste, but also unconventional. NCRIB as an existing trade association in Nigeria is already providing the necessary and adequate bonding for practicing insurance brokers. This does not in any way necessitate the charter status as the CIIN already provides this coverage for all insurance professionals and non-professional members.

    “It is Council’s conviction that the industry Consultative Council provides the platform for the ventilation of ideas for possible deliberation. Any action in negation of the objectives of the IICC will not augur well for the much needed bonding of all arms of the industry.”

    The CIIN, therefore, asks the NCRIB President to consider the withdrawal of the Bill and also a response to the letter before the next meeting of the IICC, which held on November 19.

    The Nation, however, gathered that at the IICC meeting last week, it was resolved that the NCRIB withdraws the Bill from the National Assembly with immediate effect.

    A senior official in the industry, who spoke on condition of anonymity, said the NCRIB is not capable enough to discipline its members. He noted that the NCRIB must remain under the regulation of NAICOM to maintain law and order in the industry. He also urged the National Assembly to throw out the bill.

    The NCRIB President, Shoderu, in a telephone interview with The Nation, could not confirm or deny whether the Bill has been withdrawn or not. He said he would brief the press at the appropriate time.

    A past president of the NCRIB, Laide Osijo, said the association is still debating the Bill, to avoid crisis in the industry. “We are still discussing it because we don’t want controversy with anybody in the industry. The past presidents have intervened and we are deliberating,” he said.

     

     

     

     

     

  • CIIN holds seminar

    The Chartered Insurance Institute of Nigeria (CIIN) is holding a seminar in Benin City from today till Friday.

    The institute’s Director, Corporate Communications, Joseph Obah in a statement, said the seminar’s theme is: ‘Maximising channels of distribution for insurance penetration’.

    It stated that the event would engage the participants to seek the avenues for actualisation of the Financial Inclusion Strategy (FIS) of the Federal Government geared at making financial services available to the grassroots population with minimal hindrances.

    It further read: “The two-day seminar will be attended by insurance operatives whose roles can make insurance count more in the national economy.

    “These include branch office managers, product lines managers, marketing executives, agency managers and research and development managers among others.”

    CIIN’s Director-General, Kola Ahmed, said the institute’s seminar would feature sessions, which would  enable participants maximise the opportunities for sharing networth experiences on the  evolution of a strategic action plan for exploring the full market potential of the insurance industry in tandem with Government’s vision for an insurance industry that could turn its fortunes around to rank amongst the 20 largest markets in global ranking by 2020.

    Chief Yemi Soladoye, CEO, Risk Guard Africa, would be the main speaker.

    He would be joined by other eminent speakers in X-raying the seminar theme.

  • Skills gap, terrorism, others threaten insurance

    Skills gap, terrorism, others threaten insurance

    The skills gap in highly technical areas of insurance operations such as marine and aviation, oil and gas and the increasing environment of uncertainty and crimes including Boko Haram, kidnapping, among others, are threatening the survival of the nation’s insurance industry.

    The Director-General of the Nigeria Insurers Association (NIA), Olorundare Thomas, made this known at a media retreat by NIA, CIIN, NCRIB and ILAN in Abeokuta, Ogun State.

    Other areas of concerns identified by the operators include poor industry database, poor standard of living of Nigerians and their low disposable income; poor attitude to savings and risk management unlike what we have in other developed jurisdictions; faking of insurance certificates, industry practices that are not consistent with sustainability, cut-throat competition among the operators, poor attitude to training and human capital development and the less than optimal financial literacy.

    Besides, Thomas said emerging issues in the industry include problems of capital flight in the areas of the Local Content, Market Development and Restructuring Initiative (MDRI), No Premium No Cover and the increasing issues of compliance, both legislative and financial, giving the instance of the International Financial Reporting Standard (IFRS) and emerging regulations.

    He added that there was also the issue of financial inclusion strategy; attempts at countering fake operators, market agreement issues; offshore offices; insurance penny stocks and investor issues.

    He added: “The Insurance Industry has continued to be bedeviled by several challenges relating to image and public perception. Among these challenges is poor public perception occasioned by several factors including what many term the conservative nature of insurance and its operators.”

  • CIIN to practitioners: Reposition for growth

    The gains of creating a premium position for the insurance industry in the financial services sector and the economy must remain the goal of insurance professionals, President of the Chartered Insurance Institute of Nigeria, Bola Temowo, has said.

    Temowo made this statement at a meeting with the Nigeria Insurers Association (NIA) in Lagos.

    He said professionalism is the bedrock of insurance business and enjoin insurance practitioners to always act professionally, particularly now that our national economy has been rebased.

    He noted that this is the only way they can guarantee that the industry taps fully from growth potentials of the buoyed economy. He added that no amount of awareness campaign will be effective without their individual and collective efforts at advancing the insurance profession by benchmarking international standards.

    He said: “It is my firm belief that we will continue to march forward as an industry and surmount all the challenges facing our profession, if the industry arms continue to act in concert at all times.

    “The CIIN has the major role of providing ample opportunities for education and knowledge sharing and will continue to promote human capital development to guarantee better service delivery.

    “The Institute has therefore, continued to initiate and adopt new measures aimed at attracting more attendance at the major education and training programmes. The College of Insurance and Financial Management is becoming firmly rooted with the far-reaching developments on the construction of the major structures for the take-off of academic activities in September 2014.”

    Temowo reiterated that the institute will resuscitate the development of its building in Victoria Island, commence academic activities at the College of Insurance and Financial Management; establish an E-library; strengthen the study and teaching of insurance in secondary schools and tertiary institutions in Nigeria and provide adequate trained manpower at the institute secretariat for improved service delivery.

  • CIIN holds forum

    The Chartered Insurance Institute of Nigeria (CIIN) is set to hold this year’s edition of its professional forum.

    In a statement, it said the event, which is scheduled for between September 10 and 13, has as theme:  The insurance industry: New trends, new strategies.

    Its Head, Corporate Communications, Mr. Joseph Obah, said the theme aptly captures the post-economy rebasing in the insurance  environment in terms of new product trends and strategies of harnessing the perceived opportunities.

    He said speakers to address the forum topics are Commissioner for Insurance, National Insurance Commission, Fola Daniel; Deputy Commissioner for Insurance, George Onakhena; Managing Director, Niger Insurance Plc, Dauda Adedeji; Group Managing Director, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi; Managing Director, Financial Institute Training Centre, Dr. Lucy Newman and Managing Director, Consolidated Hallmark Insurance Plc, Eddie Efekoha.

    The CIIN President, Mr. Bola Temowo, said the financial inclusion strategy might top the agenda in view of the human capital realignment imperatives for driving the financial inclusion products, such as micro insurance and Takaful.