Code of Good Corporate Governance for the Insurance Industry in Nigeria
The leadership of NAICOM has embarked on some positive steps in order to promote the quality and efficiency of the insurance industry, for the benefit of insurance consumers and the national economy. The most recent of these positive innovations from NAICOM is the introduction of a Code of Business Ethics and Principles on Corporate Governance for the Insurance Industry which I have read with great interest.
Undoubtedly, if its principles are enforced, we will certainly have a first class insurance industry that would be as good as any of the best in the insurance world. As a handbook on Corporate Governance, the Code makes a strong case for good corporate governance and contains vital principles and practices designed for its promotion. It sets out and recommends various structures and control systems, designed to ensure efficiency and accountability by both the Board and Management of insurance companies, as well as measures that will eliminate fraudulent and self-serving practices among members of staff, the management and boards of insurance institutions, in line with modern trends.
PROF. J. O. IRUKWU, SAN, OON, NPOM
Past President, CIIN; Past President, NIA; Hon. Fellow, Nigerian Corporation of Insurance Brokers; President, Nigerian Insurance Law Association