Insurers Lament Multiple Penalties For Single Infraction

Insurers Lament Multiple Penalties For Single Infraction

Insurance and reinsurance companies have raised alarm over a couple of penalties for same infraction via regulatory government in Nigeria

Commissioner for insurance, Alhaji Mohammed Kari, disclosed this at the just concluded national coverage conference organised by using all the arms of the sector and the Commission in Abuja. He stated that insurance corporations have expressed the load of regulatory government slamming consequences on them for identical breach.

The Commission every so often works with other regulatory bodies, specifically Nigerian inventory alternate (NSE) and Securities and exchange fee (SEC) to regulate businesses listed on the floor of the stock exchange among others. He stated that the regulatory body has been bombarded with court cases from insurance operators over the burden of getting to pay fines and meet different requirements of the specific regulators.

Alhaji Mohammed Kari said: “maximum irritating, in step with operators, are the couple of consequences that can get up from the same infraction. Regulators now are even venturing into different sectors, usurping the function of different regulators without due regard to the mounted laws. Operators in maximum sectors are regulated by means of up to a few and on occasion four financial regulators, with more than one necessities to every and in maximum cases similar and with “either/or” options, which defeats the regulatory norm of “specific oversight” in economic law.”