By Favour Nnabugwu
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM) Mr. Olorundare Sunday Thomas, has been inducted as a Fellow of the Chartered Insurance Institute of Nigeria (CIIN).
The Naicom boss was among the 12 fellows inducted by the institute at its 2022 induction ceremony which took place at the College of Insurance and Financial Management (CIFM) in Asese, Ogun state.
Fellows hold the highest qualification awarded by the Chartered Insurance Institute of Nigeria. Insurance Practitioners are entitled to be a Fellow if they satisfy the Governing Council that for a period of ten years immediately preceding the date of application in that behalf they have been fit persons, and in addition to being an associate must have been in continuous active employment as Insurance Practitioners
Olorundare Sunday Thomas appointment as the substantive Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Nigeria became effective April 30, 2020; having been appointed in acting capacity in Aug 2019
Prior to his appointment, Thomas was the Deputy Commissioner in charge of technical matters at the Commission between April 2017 and August 2019.
An astute insurance professional with vast knowledge and experience in underwriting, regulation and hands-on management of human and material resources spanning over four decades uninterrupted.
During these years, Mr Thomas had traversed the entire insurance sector in Nigeria leaving indelible marks along the way.
It is instructive to note that Thomas was the Director-General of the Nigerian Insurers Association (NIA) between May 2010 and April 2017, brought his experience to bear on the job. It is to his credit that the Association successfully developed and deployed the Nigeria Insurance Industry Database (NIID) platform.
He holds a BSc (Hons) in Actuarial Science and an MBA in Finance both from the University of Lagos. He is also an Associate Member of the Chartered Insurance Institute, London and Nigeria, Member Society of Fellows of the CII London, Member, Nigeria Institute of Management among others.
Speaking during the induction, President of CIIN, Mr. Edwin Igbiti, said since conception, the Institute’s professional examinations have served as a solid foundation for outstanding practitioners to launch and distinguish themselves into the professionalism of the insurance industry.
Igbiti said “This triumph should keep you basking in great joy and sense of achievement because the professional qualifications are a source of pride to the Institute and all its members.
“ It is extremely important to point out that by attaining our professional qualification, you have become custodians of the ethics and codes of practice of our noble profession,”
He submitted that the objective of the Institute’s code of ethics is to set forth the values, principles and standards that will guide the conduct of all insurance practitioners in the country.
He said as lifetime ambassadors of the insurance profession, they should uphold the creed and replicate all that it represents in their endeavours.
“Who you are and the principles you endorse are some of the values that distinguishes you as a leader and an outstanding professional.
“The completion of the Institute’s examination and your induction as an Associate of the Institute is actually the beginning of your quest for knowledge.”
He maintained that as professionals, the quest to keep honing their skills and knowledge gap is highly crucial in this digitalised world, adding that to become an astute professional who will always be relevant in the industry and the economy at large, will require to learn daily and stay at the top of trends and opportunities.
