The National Insurance Commission (NAICOM) has vowed to take action against managers responsible for failing insurance companies, stating they will be held accountable for their actions.
NAICOM’s Commissioner for Insurance and CEO, Olusegun Omosehin, emphasized during a press conference in Lagos that individuals who have contributed to the downfall of these companies will be blacklisted and prevented from holding positions within the industry.
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Since assuming leadership three months ago, Omosehin has been focused on revitalizing the insurance sector. He reiterated that NAICOM is committed to following statutory processes to rehabilitate struggling companies, with the goal of protecting policyholders rather than shutting companies down.
Omosehin highlighted key priorities for his administration, including consumer protection, regulatory strengthening, innovation, and increased accessibility.
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He also stressed the importance of prompt claims payment and positioning the industry to support the federal government’s $1 trillion economy goal. He called for the cooperation of stakeholders to help build a robust and reliable insurance industry.
