New Dawn As Sunday Thomas Drives Insurance Sector To Lofty Heights - THISDAYLIVE

The return of Sunday Thomas to leadership position in insurance industry is no doubt a blessing to the industry as initiatives adopted by him are gradually repositioning the insurance industry for improved performance writes Ebere Nwoji

This cuts across all operators as the crisis has always been either between the regulator and the underwriters or between the regulator and the brokers. With his exit, Sunday Thomas, who was the Deputy Commissioner for insurance technical mounted the rostrum as the Acting Commissioner for insurance. According to the Federal Government, his appointment was to ensure the effective administration of the commission in line with the provisions of the National Insurance Commission Act 1997.

The commission had earlier ordered insurance companies with composite license to upgrade their capital base from N5 billion to N18 billion to continue to underwrite life and non-life insurance businesses in the country. Prominent amongst the issues that bothered the brokers is contending with huge fines and penalties for minor infractions, which had warranted the Nigerian Council of Registered Insurance Brokers to invent a mediatory platform to reduce the life threatening policies towards its members. Today, the brokers are optimistic that the issue will be over having laid it down before NAICOM.

They also used the avenue to solicit an extension of the recapitalisation deadline, which NAICOM had recently done. According to him, customers’ satisfaction is central to the sustainability and success of every business, insurance inclusive, adding that the commission is aware of some of the obvious challenges bedevilling the sector either on the side of operators, consumers, investors or regulator and that these challenges could be very overwhelming, but the regulator will not relent in looking for better ways to effectively and efficiently ensure delivery of quality services to policyholders.

Thomas seem to have deployed his fatherly wisdom in handling the workers unrest which was really painting the commission and industry in bad light. It is believed that with the new peace in place, the commission is now poised to execute the enormous work required to drive the industry to lofty heights.

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