BY ROSEMARY ONUOHA
Chairman of Nigerian Insurers Association, NIA, Mr. Olusola Ladipo-Ajayi, has charged market associations in the insurance industry to raise standards above the minimum requirements of the law.
Ajayi, who gave the charge in Lagos, said that all market associations such as the NIA, Nigerian Council of Registered Insurance Brokers, NCRIB, Institute of Loss Adjusters, ILAN, and others should operate above industry standard to rebrand the insurance industry positively.
He said that membership of NIA is not compulsory under the law but a voluntary association, stating "Time was when the law of Insurance Act made the membership of NIA, NCRIB and ILAN compulsory for operators in the industry.
"The argument has been that if the law makes it mandatory that the National Insurance Commission must license and supervise every insurance company, then why do we need compulsory membership of trade groups? It is duplication of efforts in that wise."
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