However, investigations show this method seems to be the best for the market as there will not be license withdrawal.
Currently, he said, the industry is already operating a risk-based supervision which will later be backed by risk-based capital. He raised concern about some people who hold positions that are unknown to the commission in the various insurance companies, causing problems for and de-marketing the industry.
Speaking on the theme of the conference: ‘the Future of the Nigerian Insurance Sector in a Shifting Landscape,’ Thomas said, the commission is promoting the development of products and business models that meet the needs of the financially excluded group, while ensuring automation of the commission’s processes with a focus on Actuarial capacity development Programme and risk-based supervision regime.