DG, SEC, Ms Arunma Oteh
Nnamdi Duru
The National Insurance Commission (NAICOM) said it had entered into an agreement with the Securities and Exchange Commission (SEC) on the regulation and supervision of insurance companies quoted on the Nigerian Stock Exchange (NSE).
Director-General, SEC, Ms Arunma Oteh, reaffirmed the agreement when she paid a courtesy visit to the headquarters of the National Insurance Commission Tuesday.
She underscored the need for the two regulatory agencies to collaborate in the area of joint inspection and supervision of insurance companies whose stocks listed on the NSE.
Such collaborative exercises, according to her, should be done more frequently to ensure effective supervision of companies.
He director-general commended NAICOM’s transformation agenda which she said had led to massive awareness about the insurance sector. She particularly lauded the awareness created on compulsory insurance products campaigns and said it was quite enlightening.
Oteh also acknowledged the commission’s efforts at initiating micro-insurance in the country, adding that she would like to see the insurance sector playing key roles in the economy.
“Financial inclusion is very important because all over the world, insurance assets are critical for economic development. What we see happening in pension assets should also happen in insurance assets”, she said.
Earlier in his welcome remarks, the Commissioner for Insurance, Mr. Fola Daniel, noted that some 10 years ago, the commission would have little or nothing to do with SEC because not more than three insurance companies where listed on the NSE. He also stated that as at today, over 30 insurance companies are listed on the Exchange.
“Some of the companies we have primary responsibility to regulate also have one or two things to file or do with SEC by virtue of the fact that they are quoted on the NSE. This, therefore makes it imperative for the two regulators to collaborate to ensure effective supervision and regulation of the entities they have to deal with”, the Commissioner said.