THE Chartered Insurance Institute of Nigeria (CIIN) has inaugurated Mr Eddie Efekoha as its 49th president.
The News Agency of Nigeria (NAN) reports that Efekoha took over from Mrs Funmi Babington-Ashaye, to oversee the affairs of the Institute for the next two years.
Efekoha is expected to use his over 20-years insurance experience to strengthen the institute, having served in various capacities both in the institute and the insurance industry.
Until his appointment, Efekoha was the immediate past President of the Nigeria Insurance Association.
He is currently the Managing Director and Chief Executive Officer of Consolidated Hallmark Insurance Ltd., a position he assumed in 2007.
Efekoha graduated from the University of Lagos with B.Sc. (Hons) Degree in insurance in 1985 and a Masters in Business Administration in 1994.
He qualified as an associate of the Chartered Insurance Institute, the UK in 1987 and became a Fellow in 1991.
The new CIIN president in his acceptance speech during his inauguration promised to uplift insurance professional ethics in the country.
He said that the institute would boost insurance awareness in all schools in the country, promising completion of the Centre for Insurance and Management Studies in Ogun.
Also speaking at the event, the Commissioner for Insurance, Alhaji Mohammed Kari, commended the immediate past president of CIIN, Babington-Ashaye, for her exceptional performance.
Kari said that Babington-Ashaye among other achievements was able to unveil a new code of ethics for insurance professionals.
“The development in the professional space called for the introduction of the new minimum standard ethics code for improved performance as the first code of ethics was released in 1991 and has been in use for the past 27 years.
“However, the new one unveiled by Babington-Ashaya, automatically, replaced the old one.”
Kari posited that malpractices in the professional space had called for ethics codes update to align professorial with best international practices.
“The new code would standardise insurance industry operators’ interface with one another and the third party.’’
He advised the new CIIN boss to ensure that the new ethics codes were enforced by practitioners.
“The issue of unethical practice should no more surface with the unveiling of the new ethics codes in the insurance industry,” said Kari.
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