Politics
Adenusi Calls For Improved Collaboration Among Insurance Firms On RBS Implementation
Adenusi Calls For Improved Collaboration Among Insurance Firms On RBS Implementation....KINDLY READ THE FULL STORY HERE▶
In a recent address at the 2024 Insurance Industry Parley organized by the Chartered Insurance Institute of Nigeria (CIIN) in Lagos, Mrs. Olufunke Adenusi, Managing Director of Colximate Insurance Brokers Limited, emphasized the importance of adopting the Risk Based Supervision (RBS) model in the insurance sector. She urged practitioners to collaborate closely with both their peers and regulatory bodies to ensure smooth implementation.
Adenusi highlighted that RBS is crucial as it ensures insurers possess the necessary financial strength to fulfill their obligations, even when faced with unforeseen challenges. She underscored the role of RBS in evaluating governance, solvency, and financial stability within insurance companies. By providing a standardized measurement system that considers various risk factors, RBS acts as an early warning system, enhances market confidence, facilitates comparative analysis, and ultimately safeguards policyholders.
Furthermore, Adenusi outlined that RBS serves as a regulatory framework enabling effective governance and risk management within insurers. It supports market stability and fosters innovation by encouraging the efficient use of regulatory resources and promoting continuous monitoring and timely intervention.
Overall, she emphasized that the adoption of RBS not only strengthens the insurance industry’s stability but also paves the way for innovation, ensuring a resilient and dynamic market environment in Nigeria.
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