The Institute of Loss Adjusters of Nigeria, says the sweeping reforms of the National Insurance Commission has tempered the manner in which loss adjusters deliver documentation, especially its renewal which now falls due every two years instead of the hitherto annual renewal process.
The president, Institute of Loss Adjusters of Nigeria, Mr. Reginald Egbuniwe, disclosed the current ease at renewals today at 38th annual general meeting of the institute in Lagos, which was held virtual in accordance with the pandemic protocols.
Egbuniwe speaks on the new process of licencing, a step further into eased licence documentation. “Currently licences have a two-year validity period after which they will fall due for renewal. This position has knocked pressure off our members who had hitherto resorted to the tedious renewal process annually.” He therefore, commended the regulator for recognising the need to “revamp these processes involving intermediaries.”
ILAN president also commended NAICOM recent unveiling of its portal to increase the ease of doing business with regards to reporting returns. He categorised it as “unprecedented” after six years of of hard work “to instil discipline and transparency in the industry.”
On account of this, he said NAICOM had also arranged for training for loss adjusters on the use of the platform so that when it becomes fully operational, loss adjusters will not “experience challenges complying with the modern requirements of reporting.”
However, he said the training did not go well as expected due to a communication mishap, to make all compliant therefore, he said ILN has requested that another session be arranged so that members “can all be properly educated on the platform usage.”
Egbuniwe also commended NAICOM for recapitalisation exercise currently ongoing. He said ILAN members will benefit “as strong insurance industry will positively affect our members.”
“We are urged to follow this exercise as those companies that are able to recapitalise successfully will come out of the exercise stronger,” he advised.