The various arms of the market have formed themselves into trade groups, associations and professional bodies. We are presently concerned with the association of agents, and insurance companies.
Association of Registered Insurance Agents of Nigeria (ARIAN)
ARIAN is the professional body for all registered insurance agents formed on 29th June 2000. The objectives of ARIAN include the following:
- To serve as a welfare association committed to the well being, up-bringing and development of insurance agents in Nigeria;
- To establish and sustain the status of the licensed insurance agents within the Insurance Industry and other sectors of the economy;
- To gain national and statutory recognition for Agents in Nigeria;
- To maintain sanity and control in the operations of Agents in Nigeria thereby eliminating bad eggs in the Industry;
- To promote insurance awareness deep into the grassroots.
Owing to the age of ARIAN, the impact of the Association is yet to be felt in the market. The Association has been seeking statutory recognition under the law, and the provisions contained in the Insurance Bill 2002 regarding the powers of associations would enable ARIAN to effectively regulate its members if the Bill is passed into law.
The Nigerian Insurers Association (NIA)
The Association is the trade group for all registered and viable insurance companies transacting all classes of insurance business in the market. The NIA is primarily a self-regulatory body, and its functions include:
- Prescription and enforcement of self-regulation and code of ethics.
- The protection and advancement of the common interests of insurers transacting any class of insurance business in Nigeria.
- The creation of a better understanding of insurance by all sections of the society.
- Making input into Government policies on insurance and acting as the mouth-piece of the industry.
- Training and development of all professionals and persons engaged in insurance business as well as sharing of experience at meetings of Technical Committees.
- Promotion of research and dissemination of statistics.
Other Associations and Professional Bodies
There are similar associations for the different constituent arms of the market with related objectives and functions as follows:
|Arm of the Market||Name of the Association/Body|
|Reinsurance Companies||Professional Reinsurers Association Of Nigeria (PRAN)|
|Insurance Brokers||Nigerian Corporation of Insurance Brokers (NCIB)|
|Loss Adjusters||Institute of Loss Adjusters of Nigeria (ILAN)|
|Consumers i.e. buyers of Insurance services||National Association of Insurance Consumers in Nigeria (NAICN)|
|Actuaries||Actuarial Society of Nigeria (ASn)|