CIIN threatens to withdraw certificates of erring insurers

By Abdul Olalekan

The Chartered Insurance Institute of Nigeria (CIIN) has threatened to withdraw the certificates of erring insurance operators found guilty of violating the ethics of the insurance profession in the country.

The President, CIIN, Lady Isioma Chukwuma, at the 2016 Induction Ceremony of Fellows and Associates of the institute in Lagos, while addressing the new inductees, comprising of 3 Fellows and 161 Associates, said the institute reserves the right to withdraw its certificate from any holder, if it discovers any breach of the examination process.

Chukwuma, who was represented by the institute’s Deputy President, Mrs. Funmi Babington-Ashaye, however, urged them to continue to maintain integrity and avoid unwholesome practices that can tarnish the image of insurance industry.

“The fact is that the men and women who today find fulfilment in the attainment of our invaluable professional qualification, are also accepting greater responsibility of being custodians of the ethics and codes of practice of our noble profession.  They will be constantly reminded of the oath of allegiance to their professional calling as well as their vows to be of good conduct at all times,” she stated.

The institute, she said, feels elated by the growing enthusiasm for the acquisition of professional insurance qualification, adding that this is not only evident today by the growing number of qualifiers, but also translates to an abiding consciousness in embracing professionalism in the business and practice of insurance more so as the nation faces a period of financial and economic uncertainties.

Moreover, the Managing Director, Wapic Insurance Plc, Mrs. Adeyinka Adekoya, who was the guest speaker at the event, said the Nigerian consumers were becoming increasingly sophisticated and aware of their growing need for insurance, adding that the growth and future of insurance industry lies on the ability of operators to continually be at the forefront of innovation, constantly improve on the guidelines in their various fields and maintaining the highest ethical standards.