The National Insurance Commission (NAICOM) inaugurated the advisory committee on divestment of banks from insurance institutions on Monday.
The chairman is Lanre Laoshe while the members are Chioma Agomo; Mohammed Kari; Segun Aina; Mary Uduk; Sunday Thomas, George Onekhena and Jide Oniwinde. Mr. Fola Daniel, Commissioner for Insurance spoke to journalists on the duties of the committee. ROSEMARY ONUOHA was there
Why the inauguration
By inaugurating the advisory committee on divestment of banks from insurance institutions, we want to engender a continuing confidence of the populace on the insurance institutions. We cannot wish away the banking participation because it has its merits. Aside from the merits it also has its own defaults.
One of the merits is that some people will insure with an insurance company because it is owned or partly owned by a bank. But if the bank is divesting, they begin to say, ‘can this insurance institution stand’. That is why it is very important for us to ensure that only worthy investors are taking over the vacuums created by the exit of banks. So we need to sustain customer confidence, which is very