New code for insurance practice officially made public

Matthew Otoijagha

The Chartered Insurance Institute of Nigeria (CIIN), has unveiled new code for insurance practice in the country. The President of CIIN, Mrs. Funmi Babington-Ashaye, unveiled the code at the ongoing 2018 National Insurance Conference in Abuja on Monday

She said the codes would align the practitioners with international best practices. The National Insurance conference with the theme: “Insurance Industry and Financial Inclusion,’’ attracted more than 500 Insurance practitioners. The practitioners were drawn from the Nigerian Council of Registered Insurance Brokers (NCRIB), Chartered Insurance Institute of Nigeria (CIIN), Nigeria Insurance Association (NIA) and Institute of Loss Adjusters of Nigeria.

According to CIIN’s president, the development in the professional space calls for the introduction of new minimum standard ethic codes for improved performance. Babington-Ashaye said the first code of ethics was released by the institute in 1991 and it had been in use for the past 27 years.

“However, the new one unveiled today automatically replaces the old one. The new code will standardize insurance industry operator’s interface with one another and the third party.’’ The CIIN head said non-compliance to new ethic codes would attract sanctions in line with the National Insurance Commission (NAICOM) statute.

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