The National Insurance Commission (NAICOM) has revealed plans to sanction insurance operators that fail to implement the corporate governance guidelines in the country. The Commissioner for Insurance, Sunday Thomas, at a workshop in Lagos, said the absence of sound corporate governance structure in some insurance companies has been the cause of the industry’s abysmal performance. xThomas said: “The corporate governance guidelines that became effective last month would change the way companies, especially underwriting firms, are being run in the country. Instead, people make companies fail. We believe that by the end of third quarter or beginning of fourth quarter 2021, the NAICOM Academy will take off,” he said.

Source: The Guardian July 19, 2021 03:00 UTC