REGULATORY FORESIGHT AND MARKET TRANSFORMATION A DISCUSSION PAPER AT THE TWO – DAY SUMMIT ON THE FUTURE OF INSURANCE PRESENTED BY O S THOMAS NATIONAL INSURANCE COMMISSION

FOCUS OF CONTRIBUTION BROAD VIEW OF THE INSURANCE SECTOR FSS 2020 VISION AND MISSION FOR THE INSURANCE SECTOR CURRENT POSITION ASSESSMENT OF THE INDUSTRY REGULATORY CHALLENGES MOVING FORWARD REASONABLE EXPECTATIONS

BROAD VIEW OF THE NIGERIA INSURANCE INDUSTRY  THE FUTURE OF INSURANCE IN NIGERIA IS GOOD, GREAT AND SHOULD BE REWARDING  THE CHALLENGES OF EFFECTIVE REGULATION AND SUPERVISION IS ENORMOUS

FSS 2020 VISION AND MISSION FOR THE INSURANCE SECTOR VISION “TO BE THE INSURANCE INDUSTRY OF CHOICE AMONGST EMERGING MARKETS NOTED FOR HIGH MARKET CAPACITY, TRANSPARENCY, EFFICIENCY AND SAFETY TO ATTAIN THE POSITION OF ONE OF THE 20 LARGEST INSURANCE MARKETS IN THE WORLD BY THE YEAR 2020.” MISSION “ TO DEVELOP AN INSURANCE SECTOR THAT DRIVES AND PROTECTS THE ECONOMY THROUGH EFFECTIVE AND EFFICIENT MARKET STRUCTURE ”

CURRENT POSITION ASSESSMENT OF THE NIGERIA INSURANCE MARKET  ENHANCED CAPITAL FOR OPERATIONAL EXPANSION  CONVERGENCE OF FINANCIAL MARKETS’ TRANSACTIONS  INCREASING COMPLEXITY IN OWNERSHIP STRUCTURE  IMPROVED INSURANCE AWARENESS BY THE PUBLIC  INCREASING DEMAND FOR CREATIVE MANAGEMENT  COOPERATION AMONG REGULATORS OF THE NATION’S FINANCIAL MARKETS  GOVERNMENT POLICIES INCREASINGLY RECOGNISE A PLACE FOR INSURANCE IN THE PROTECTION OF NATIONAL ASSETS

REGULATORY CHALLENGES  REGULATING FINANCIAL CONGLOMERATES  IMPLEMENTATION OF RISK BASED CAPITAL  ADOPTION OF THE RISK BASED SUPERVISION  SUPERVISION OF CROSS BORDER TRANSACTIONS  ELIMINATE LEAKAGES IN THE SUPPLY CHAIN  DEEPENING THE INSURANCE MARKET

MOVING FORWARD  EFFECT DELIBRATE POLICY OF HUMAN CAPITAL DEVELOPMENT  ACQUISITION AND DEPLOYMENT OF EFFICIENT ICT INFRASTRUCTURE  PRODUCT PACKAGING AND DELIVERY MUST MEET THE EXPECTATIONS OF CONSUMERS  THE NEED FOR HIGH LEVEL TRANSPARENCY AND ACCOUNTABILITY IN OPERATIONS  INCREASE AND SUSTAIN THE COOPERATION AMONG REGULATORS OF THE NIGERIAN FINANCIAL MARKET AND RELEVANT INSTITUTIONS IN OTHER JURISDICTIONS  THE INSURANCE INDUSTRY MUST LEVERAGE ON THE OPPORTUNITIES PROVIDED BY GOVERNMENT POLICIES  THERE IS THE NEED FOR OPERATORS TO APPRECIATE THE STRENGTH IN WORKING TOGETHER

REASONABLE EXPECTATIONS  IMPROVED PENETRATION  BETTER IMAGE AND CONFIDENCE OF THE PUBLIC  RANK HIGH AMONG MARKETS IN THE EMERGING ECONOMIES  SUBSTANTIAL CONTRIBUTION TO THE NATIONS GDP  IMPROVED MANAGEMENT OF DISTRESS THROUGH A ROBUST REGULATORY FRAME WORK  TRANSPARENCY AND ACCOUNTABILITY ACCORDED THE RIGHT OF PLACE IN OPERATIONS.  AN INDUSTRY LARGELY DRIVEN BY EFFICIENT IT INFRASRUCTURE

REASONABLE EXPECTATIONS CONT.  CREATIVE MANAGEMENT THAT IS ABLE TO REASONABLY SATISFY THE DEMANDS OF CONSUMERS AND PROVIDE ADEQUATE RETURNS TO ITS SHAREHOLDERS  ACCEPTABLE CORPORATE GOVERNANCE THAT DRIVES AND GIVES PURPOSEFUL LEADERSHIP TO THE COMPANIES  EXECUTION OF MEGA PROJECTS BY CONSORTIUM OF INSURANCE COMPANIES. THANK YOU