The Nigerian insurance industry has restated its unwavering commitment to ethical practices and adherence to international operational standards in its dealings with stakeholders, particularly the insuring public.
Speaking on behalf of more than 50 member companies under the Nigerian Insurers Association (NIA), the association emphasized that its interactions with the House of Representatives Committee on Capital Market and Institutions are guided strictly by existing laws and regulations governing business conduct in the country.
In a press statement titled “Re: Investigation by the House Committee on Capital Market and Institutions” and signed by the NIA Director General, Mrs. Bola Odukale, the association acknowledged the recent press release issued by the Committee regarding ongoing investigations into alleged financial irregularities involving certain member companies.
According to the statement, “The matters raised by the Committee relate to financial reporting, claims settlement, premium remittance, and issuance of policies.”
The NIA clarified that all actions taken by the association and the affected insurers in response to the Committee’s invitations and public statements were made on the advice of legal counsel. “It was upon firm legal instruction that we sought judicial intervention,” the statement said.
The association explained that the court action aims to obtain judicial clarity on the legality, propriety, and constitutional boundaries of the Committee’s involvement. “The objective is to safeguard institutional integrity, uphold regulatory independence, and ensure that legislative oversight remains within the limits prescribed by law,” the statement read.
Further, the NIA questioned whether the Committee’s current approach infringes upon responsibilities that constitutionally belong to statutory regulators, including the National Insurance Commission (NAICOM), the Securities and Exchange Commission (SEC), the Nigerian Exchange (NGX), the Financial Reporting Council (FRC), the Nigeria Data Protection Commission (NDPC), and the National Information Technology Development Agency (NITDA).
“This raises serious concerns about potential legislative overreach and the erosion of the doctrine of separation of powers, which is fundamental to Nigeria’s constitutional democracy,” the statement noted.
Mrs. Odukale reaffirmed the industry’s commitment to lawful and constructive engagement with all arms of government, provided that such engagement respects the autonomy of statutory regulators and adheres to constitutional boundaries.
She concluded by emphasizing that the NIA will continue to fully support its member companies while upholding the highest standards of legal compliance and industry-wide integrity.
