Ibadan – A group of shareholders under the aegis of Dynamic Shareholders Association of Nigeria, on Wednesday urged the National Assembly to amend the National Insurance Commission (NAICOM) Act.
Mr Alex Adio, chairman of the association, said at a media interaction in Ibadan that this was necessary to stop the arbitrary charges being imposed on insurance companies by the commission.
The News Agency of Nigeria (NAN) reports that NAICOM is empowered by the provisions of Section 49 (1) of National Insurance Commission Act, 1997 to regulate and supervise insurance industry in Nigeria.
Adio said that the “unwholesome charges’’ on insurance companies were not only killing the public quoted companies, but were also adversely affecting the prospect of good investments in the industry.[pro_ad_display_adzone id=”70560″]
“As stakeholders in the economy, we feel we have a responsibility to call the attention of the government to observable anomaly,’’ he said.
The chairman said that NAICOM charges had impacted negatively on insurance companies and its approach to issues was discouraging both local and foreign investors.
He appealed to the parliamentarians to ensure that regulation that was in conformity with international best practice was put in place.
Adio urged the Federal Government to also beam its searchlight on NAICOM and look into its financial activities in the last five years.
“This will be in line with the body language and avowed determination of the present administration of President Muhammadu Buhari to effect structural changes in the polity.
“We commend the effort of this administration in tackling and waging war against corruption,’’ he said. (NAN)
