federal Government may have resolved to enforce strict and strong corporate governance in the insurance industry, going by indications from the minister of state for Finance, Mr. Remi Babalola.
Babalola, during a courtesy visit to his office by the council members of the chartered insurance institute of Nigeria (CIIN) led by its president, Mr Sunny Adeda stressed that strategic focus will now be on the underwriting companies and their activities, to ensure that they operate according to the rules.
The minister disclosed that the regulatory framework for the insurance sub-sector had been strenthened to ensure the institutionalisation of corporate governance and high level of ethical standards.He said :"the Insurance sector, as part of the financial system is, no doubt expected to play a vital role as we continue to move the economy forward.the sector represents an important component in the financial intermediation chain and remains the backbone of Nigeria's Risk Management system."
Back
|