2009 PROFESSIONALS' FORUM COMMUNIQUE
COMMUNIQUE ISSUED AT THE 2009 INSURANCE PROFESSIONALS’ FORUM HELD FROM 23RD TO 26TH SEPTEMBER 2009 AT THE GATEWAY HOTEL, IJEBU-ODE, OGUN STATE. PREAMBLE The Professionals’ Forum is, unarguably, the gathering of insurance egg-heads. Annually, the forum provides immensurable opportunities for deliberations on issues pertinent to the growth and development of the industry. The 2009 edition comes at an opportune time as it coincides with the emerging realities in the nation’s financial services sector. The forum theme: “The Global Financial Crisis and Implications for Insurance Professionals” is therefore quite apt. Presentations were made on the theme as well as the sub-theme topic titled: “Code of Ethics and Corporate Governance in the Insurance Industry”. Participants deliberated at length on the issues which emanated from the papers and from subsequent discussions and reached the following resolutions: 1. That the Insurance Industry decries the present dearth of infrastructural facilities in the country and calls on the Government to step up infrastructural development in order to reduce cost of production as investment stimulus. 2. That the Industry should put in place an effective framework for the enforcement of its Code of Ethics and Codes of Good Corporate Governance and ensure, in collaboration with the Regulator, that any infractions attract stiff penalties. 3. That the Industry should strengthen its machineries for the design of new and improved products while repositioning for better and more effective service delivery by adopting a financial services operational model. 4. That operators should further harness the benefits of strategic mergers as a self-regulatory measure rather than wait for the regulator’s prescription for capital adequacy. 5. That there should be concerted efforts by Industry operators to increase collaboration on the creation of insurance awareness across the nation. 6. That the Nigerian Insurance Industry should develop and implement appropriate domestic stimulus packages aimed at mitigating the emerging effects of the global financial crisis. Signed Sunny Adeda, FIIN President/Chairman of Council |
