The House of Representatives Committee on Insurance and Actuarial Matters has invited Chief Executives of Nigeria National Petroleum Corporation, NNPC, AMCON, AIICO, First Insurance, and other critical stakeholders to an investigative hearing from August 17th to 28th on alleged infractions in the Nigerian Insurance business environment.
The invited CEOs are to appear before the House Committee next week Monday.
Other insurance companies to appear in the first batch include Capital Express Assurance, Leadway Assurance, Mutual Benefits Insurance, Zenith Life Insurance, Hogg Robinson Insurance Brokers Ltd, Worldmark Insurance Brokers Ltd.
This was contained in a letter signed by the Committee’s Chairman, Hon Darlington Nwokocha entitled:
‘INVITATION TO THE UNDER LISTED FOR INVESTIGATIVE HEARING/PRE-FORENSIC AUDIT MEETING’
The Committee in the letter said:”Based on the resolution of the House of Representatives on “the need to investigate Insurance Breaches, Impunity and other infractions of some Federal Government Institutions”
” In line with Section 88 of the 1999 constitution of Federal Republic of Nigeria (as amended), the Chairman and Members of the House Committee on Insurance and Actuarial Matters commences forensic investigation on insurance transactions of Ministries, Department, Agencies, other government institutions, Insurance companies and Insurance brokers.
This resolution emphasized the House of Representatives’ concerns as follows: Alleged breaches on insurance business by industry practitioners;
Low retention capacity of dollar-denominated insurance business and the effect on Nigeria economy.
The investigative hearing will also x-ray”Under-utilization of capacity of Nigeria Insurance industry, the practice and effect(s) of domiciling insurance ventures abroad.
“The issues and prospects of ineffective regulation of foreign placements of insurances;The alleged loss of billions of naira by the nation through insurances of moribund assets, non- existent assets and high premium rates.
“Alleged huge unsettled life insurance claims, Poor handling of Group Life Insurance Schemes, its effects on the motivation and productivity of working class citizens and non-payment/un-allowed deductions on entitlements of the surviving families.