The Commissioner, National Insurance Commission, Mr Fola Daniel, has said that the commission is partnering the Nigerian Financial Intelligence Unit on the fight against money laundering and terrorism financing.
Daniel disclosed this in a statement made available to the News Agency of Nigeria in Lagos on Tuesday.He said that the commission and the NFIU had conducted a joint inspection of some selected insurance companies.
He said, “In compliance with the requirements of the Financial Action Task Force, a joint inspection was conducted on selected insurance companies by a joint team from the commission and NFIU.“The report of the inspection is currently being analysed for necessary action.”
Daniel said that there had been an improvement in the level of collaboration among financial regulators.He said that the Financial Services Regulation Coordinating Committee had been active in ensuring uniform standards for all regulators in the financial sector.
According to him, the International Association of Insurance Supervisors has also been active in ensuring the adoption of international best practices in the insurance industry.The commissioner said that the association had also succeeded in establishing international regulatory standards on insurance regulation and supervision.
He said that it was able to do this by the issuance of the Insurance Core Principles and Methodology in October 2003 which, according to him, was currently being reviewed.Daniel said the Insurance Core Principle and Methodology included licensing and exit requirements, corporate governance, internal controls, IT deployment, anti-money laundering and counter-terrorism financing.
Daniel said that the need for stability and consistency in insurance accounting had prompted migration into International Insurance Accounting Reporting Standards.