By Ngozi Onyeakusi— Following plans to commence implementation of the insurance industry’s corporate governance guidelines come June 1, 2021, the National Insurance Commission (NAICOM) has called for total compliance of the guidelines by all and sundry.

The commission which make the call in a publication on its website assured its readiness to deal with firms that flaunt the guidelines was issued on March 17, 2021 and the Nigerian Code of Corporate Governance 2018.

According to NAICOM, non-compliance with the Nigerian Code of Corporate Governance (NCCG) 2018 and these guidelines shall be a violation of Section 49(1)b of the National Insurance Commission Act 1997 and attracts penalty under Section 49(5) of the Act. The Commission stated that the FRCN issued the Nigerian Code of Corporate Governance (NCCG) 2018 to institutionalize corporate governance best practices in all Companies in Nigeria and repealed all other sectorial codes. The guidelines according to NAICOM shall be read and interpreted in conjunction with the provision of NCCG 2018 and replaces the NAICOM Code of Good Corporate Governance for the Insurance Industry 2009; and all insurance and reinsurance companies are to comply with it and the Nigerian Code of Corporate Governance 2018.