Question 6
The candidates were asked to list trade association in the Nigeria Insurance Industry and state functions of Chartered Institute of Nigeria and National Insurance Commission of Nigeria.
Observation
Majority of the candidates attempted this question but their performance was poor with many of them scoring low marks in each part of the question.
Some of the responses expected from the candidates were:
(a) The trade association are
- Nigerian Insurers Association
- Institute of loss Adjuster of Nigeria
- Nigerian council of Registered Insurance Brokers
(b) Functions of each of the association
- Chartered Insurance Institute of Nigeria: Determining the standard of knowledge and skills to be attained by persons seeking to become insurance professional and reviewing those standards from time to time as circumstances may permit.
- National Insurance Commission: To establish standard for conduct of insurance business in Nigeria.
- To approve rate of insurance premium to be paid in respect of all classes of insurance business.
- To regulate transaction between insurers and reinsurers in Nigeria and those outside Nigeria.
- To ensure adequate protection between of strategic government assets and other properties.
- To approve standards, conditions and warranties applicable to all classes of insurance business
- To publish for sale and distribution to the public annual reports and statistics on the insurance industry
- To liaise with and advise federal ministries extra ministerial department, statutory bodies and other government agencies on matters relating to insurance.
- Contribute to the educational programmes of the chartered insurance institute