NIA Takes Steps To Check Rate Cutting

LAGOS - Mr. Wole Oshin, President of Nigerian Insurers Association (NIA), said that the association had taken steps to check rate cutting and other unethical practices among insurance operators.

Oshin told newsmen in Lagos that the association was working closely with insurance brokers to check malpractices in the industry.

Reports say that rate cutting is under pricing of insurance products in the bid to win businesses and contracts.

He said that members of the association had taken some decisions tagged “Market Agreement” and which all practitioners must abide with.

“The delay in the take- off of the market agreement is to ensure that all stakeholders are carried along.

“Hopefully, the agreement will come into effect by the middle of December 2009,” he said.
Oshin said that the agreement would complement efforts of the National Insurance Commission (NAICOM) to