The Nigerian Insurance Association (NIA) has reaffirmed its commitment to lawful engagement and due process in response to an ongoing instigation by the House of Representative Committee on Capital Market and Institutions’ ongoing investigation into alleged financial infractions involving some of its member companies.
In a statement issued by the association’s Director-General Mrs. Bola Odukale, the NIA stated that matters under review pertain to key industry practices, including financial reporting, claims settlement, premium remittance, and policy issuance. While acknowledging the authority of the legislative committee to carry out oversight functions, the association stressed that its respond to the probe is being guided strictly by legal counsel.
“all actions taken by the NIA and affected member companies were based entirely on legal advice from our solicitors,” Odukale said. “It was on that basis that we sought judicial clarification regarding the scope and constitutional limits of the committee’s intervention.”
According to her, the association approached the courts not to obstruct the investigation but to ensure that the principles of separation of powers and institutional integrity are upheld. She noted that the case seeks to determine whether the committee’s involvement overlaps with the statutory responsibilities of existing regulatory bodies, including the National Insurance Commission (NAICOM), Securities and Exchange Commission (SEC), and other relevant agencies.
“This development raises important constitutional questions,” Odukale added, “It is vital to ensure that legislative oversight does not encroach on the independence of statutory regulators or undermine due process.”
Despite the legal proceeding, the NIA reiterate its willingness to engage constructively with all arms of government, provided that such engagements respect the autonomy of regulatory institutions and adhere to constitutional provisions.
The association also restated its commitment to supporting its member companies while maintaining sector wide integrity, compliance with legal standards, and overall stability of the Nigerian insurance industry.
