THURSDAY, 24 JUNE 2010 BY

 

The Nigerian Insurers Association (NIA) will on June 30, hold its yearly general meeting to elect a new helmsman and other officers to run the affairs of the insurance trade group for the next two years.

 

The baton of the Nigerian Insurers Association (NIA) chairmanship will change hand on Wednesday, June 30, 2010 as the incumbent Chairman, Mr. Wole Oshin will hand over to the incoming Chairman, Mr. Olusola Ladipo-Ajayi.The outgoing Director General of the association, Mr. Ezekiel Chiejina, in a statement in Lagos said that the change became necessary since the incumbent chairman had served the mandatory two years tenure.

 

According to him:  “The thirty-ninth (39th) yearly general meeting of the members of the Nigerian Insurers Association will hold on Wednesday, on the 30th day of June 2010 at Coral Hall, Ocean View Restaurant, Ademola Adetokunbo Street, Victoria Island, Lagos  commencing at 12.00 noon.”A significant aspect of the meeting will be the formal inauguration of Mr. Olusola. O. Ladipo-Ajayi as the new chairman of the association following the conclusion of Mr. Wole Oshin’s tenure.”

 

Another major highlight of the association’s 39th AGM will be the election of a new deputy chairman of the association.At the occasion, the association will release the performance of the insurance industry in 2009 especially the estimated total industry premium during the year under review.

 

The outgoing director-general of the association, said: “The yearly general meeting will also transact the following: presentation of chairman’s statement and report of the governing council, consideration and adoption of the chairman’s statement and the governing council’s report, consideration and adoption of year 2009 audited accounts and the treasurer’s report thereon, appointment of auditors for the ensuing year, election of officers to fill vacant positions in the governing council and the last vacancies to be filled at the event, out of which three are for members who are retiring after serving the mandatory two years but are eligible for re – election. Apart from the post of deputy chairman, other positions to be contested for are: honorary assistant treasurer and the post of the association’s  honorary  treasurer.”

 

Oshin during his tenure fought to entrench professional ethics and discipline in the conduct of insurance business in Nigeria particularly in charging economic rates in underwriting of insurance risks in the country.Besides, he made the 48 strong members of the association to sign the market agreement which specifies the do’s and don’ts as well as the penalties for infractions.

 

Meanwhile, the association has declared that the proposed Employee Compensation Bill which is being pushed by the NSITF amounts to multiple taxation for employers who are already being overtaxed.According to the association’s presentation to the two relevant committees of the National Assembly, the proposed Bill if passed in its present form, will create a huge tax burden for all employers as section 34 (1) of the proposed Bill requires “every employer to make a minimum monthly contribution of one per cent of the total monthly payroll into Fund”

 

The body predicated its argument on the fact that Nigerians are paying the following taxes: National Health Insurance Scheme; National Housing Fund; RSA deductions in respect of PRA 2004; company tax; education tax and other multiple taxes by state and local governments, adding that any law which seeks to increase the tax liability of private sector employers of labour “should be resisted”.“Under the present Workmen’s Compensation Act the liability for workmen’s compensation is that of the employers and which can be insured at less than 25 per cent of the (one) per cent demanded by the Bill,” the association added.

 

The association further said that by giving the board of the NSITF power to increase the amount payable by companies from time to time, the Bill is trying to create an organization whose board can wake up one day and increase the level of contribution by companies without recourse to the National Assembly thereby increasing the burden on employers at it own will.

 

(Source:Guardian)