Nigerian Insurers Association (NIA) is set to review activities of the sector, which has witnessed some important improvement over time at its 44th Annual General Meeting (AGM). The event will hold at the Atlantic View Hall, Best Western, Hotel, Bar Beach, Victoria Island, by 12.00 noon on Thursday, June 25, 2015 Lagos.
According to the Director-General of the Association, Sunday Thomas, the Association would release vital industry statistics for the year ended December 2014 at the event. The insurance industry assets hit N793.6 billion at the end of first quarter this year showing great signs of further growth.
The National Insurance Commission (NAICOM) has linked the success to regulatory framework it has put in place in the last couple of year. Also the industry’s assets last year stood at N711.4 billion while the total liability was N422.7 billion while liabilities at the end of the first quarter (Q1, 2015) rose to N444.4 billion.
The NIA boss also explained that the meeting would afford members the opportunity to consider the Chairman’s Statement and Report of the Governing Council; consider and adopt the audited accounts for year ended 31st December 2014 and the Treasurer’s Report thereon Key business of the day that will also host the associations Annual General Meeting (AGM) will include appointment of Auditors for the ensuing year and election of officers to fill vacant positions on the Governing Council.
According to the Thomas, Clause 6(1) (c) of the Association’s Constitution states that Not less than six (6) or more than twelve (12) other persons elected at the Annual General Meeting from amongst the Representatives of members. Thomas further stated that in addition to the members eligible for reelection, there exist six vacancies to be filled through fresh elections.