The Honourable Minister of Finance Kemi Adeosun on Thursday named Chief Emmanuel Jideoffor Nwosu from South East as the new chairman of the governing board of National Insurance Commission (NAICOM).
Others inaugurated as members of the governing board include Prof. Musa Balarabe from the North West, Awwal Hamza from the North East; Otunba A. Akinniranye from the South West; Commissioner for Insurance, Mohammed Kari; Deputy Commissioner Technical, Sunday Thomas and Deputy Commissioner Finance and Admin.
Also on the board are: representatives of the Federal Ministry of Finance; Ministry of Trade and Investment; Central Bank of Nigeria ( CBN) and Chartered Insurance Institute of Nigeria (CIIN).
The Governing Board is the highest decision making body of the regulator of insurance industry, which has the mandate of setting standards for the conduct of insurance business in Nigeria, protects policyholders and ensures adequate protection of strategic government assets and properties.
Section 2 (1) of the National Insurance Commission Act 1997, provides for the appointment of the Governing Board members to oversee the affairs of the Commission, the Board comprises of: a part time Chairman; the Commissioner for Insurance; the two Deputy Commissioners for Insurance; a representative of the Federal Ministry of Finance not below the rank of a Director; a representative of the Central Bank of Nigeria(CBN) not below the rank of a Director; a representative of Chartered Insurance Institute of Nigeria,(CIIN), a representative of the Federal Ministry of Trade & Investment and, three part time members to represent the interest of the public.
NAICOM was established in 1997 by the National Insurance Commission Act 1997 with responsibility for ensuring the effective administration, supervision, regulation and control of insurance business in Nigeria and protection of insurance policyholders, beneficiaries and third parties to insurance contracts.