To address the issues affecting the insurance business, the Nigeria Deposit Insurance Corporation (NDIC) claims it has begun collaborating and cooperating with other deposit insurance organisations throughout the world.
NDIC Managing Director/Chief Executive Bello Hassan disclosed this at a weekend retreat in Lagos organised by the Corporation for members of the House of Representatives Committee on Insurance and Actuarial Matters.
The workshop’s theme was “Deposit Insurance in Nigeria: Restrategizing for Tomorrow,” and its goal was to help lawmakers understand the corporation’s issues in order to alter the NDIC Act.
“Our world, as we know it, is fast changing,” he added. Our activities are displaying innovations and dangers to traditional business models, legislation, and monitoring. Regulators in financial systems throughout the world are also coming up with new ways to ensure that the financial system stays resilient, sound, and stable so that it can continue to support the economy. As a result, the NDIC is not left out when it comes to rethinking how to improve its operations.”
On practically all essential activities, he claims, the Corporation has improved coordination with relevant stakeholders such as the National Assembly, Federal Ministry of Finance, Budget & National Planning, the Judiciary, and the CBN.
“Because we are also operating on the worldwide stage, we have established strong engagement and cooperation with deposit insurance agencies and international organisations, notably in the field of knowledge and information sharing.”
“The goal of these initiatives is to effectively handle the deposit insurance system’s technological, legal, regulatory, and supervisory issues,” he stated.
He urged financial institutions to appropriately manage the risks posed by these new technologies and other advancements in order to maintain the monetary system’s safety and soundness.
“The goal of the retreat is to develop laws to help NDIC improve the confidence of the public that their assets are safe,” Darlington Nwokocha, Chairman of the House of Representatives Committee on Insurance and Actuarial Matters, said.
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“And if they don’t have that confidence, we won’t be able to have a very stable economy because the financial sector, like the economy, would be destabilised.” So, at this point, we need them, and they need us, when we study the rules and the dynamics of society. “As it stands now, there are a few items in the current NDIC Act that we need to change to give them more capacity to carry out their mandate more efficiently,” he added.