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LASPEC urges NAICOM, PenCom to eliminate hindrances to insurance
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October 26, 2017 12:29:02pm GMT      |      Views: 323

The Lagos State Pension Commission (LASPEC) has urged the National Insurance Commission (NAICOM) and National Pension Commission (PenCom) to eliminate practices militating against the growth of the industry.

Director-General of LASPEC, Mrs Folashade Onanuga made the call at the ongoing Insurance and Pension Conference organised by National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos on Thursday.

She said that eliminating the challenges would bring sanity to the industry and attract more Nigerians into the insurance net.

The D-G said the theme of the conference: Legislation of Pensions and Insurance, Intrigues, Interest, Governance and the People’ would enable experts suggest solutions to enhance the sectors’ contributions to economic growth.

According to her, annuity providers need to know how to do legitimate business while marketing a product and not behaving like fraudsters.

“Some insurance agents now stand by the roadside as if they are waiting for a prey, unfortunately, there are too many  frauds in the system.

“The competition between life insurers and Pension Fund Administrators (PFAs) needed to be healthier otherwise the ultimate consumers will lose confidence in them.

“Such competition contravene the transparency the 2004 Pension Reform Act (PRA) advocated for as human thinking will suggest that the fighting is to gain market share.

“This means the product is more to the benefit of the operator more than consumers,’’ she said.

The LASPEC boss expressed dismay that some life insurance companies invited retirees to programme using the name LASPEC.

“Sometimes, agents will pose as relatives of retirees to programmes to exit discussion between retirees and PFAs,’’ she said.

The Commissioner for Insurance (CFI), Alhaji Mohammed Kari, said that the commission had widened its regulatory and supervisory roles on insurance entities.

Kari, represented by Mr Pius Popoola, the Head of Authorisation and Policy, said the roles were aimed at building the confidence of policy holders.

The commissioner said the roles would also eradicate abominable ethics and promote the safety and soundness of the insurance industry.

He said that the commission would work closely with the industry and other stakeholders, especially co-regulators in the financial services sector.

“This would promote a healthy insurance industry within the existing legislation,’’ he said (NAN)

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