The affected CEOs include: Dr. Fatai Kayode Lawal is presently the Managing Director/CEO of Sterling Assurance Nigeria Limited; the group managing director/CEO of Consolidated Hallmark Insurance Plc, Mr. Eddie Efekoha; Mr. Tope Smart who is the managing director of NEM Insurance Plc and Mrs. Cecilia Osipitan. the managing director/CEO of Great Nigeria Insurance .
While some of the affected insurers are at the closing stage of their recruitment process, others were at the elementary stage but the hopeful process would be concluded before the deadline. Earlier, the commissioner for insurance/CEO, NAICOM, Mr. Sunday Thomas had, at a NAICOM Seminar organised for Insurance Journalists, in Uyo, Akwa-Ibom State said the regulatory body will not shift its December deadline, urging operators that have yet to fine-tune their operations in line with the tenure limit, to do so or face sanction post-deadline.
While the policy implies that upon exceeding the maximum tenure as ED or CEO in a particular insurance or reinsurance company, such ED or CEO can still take up full term position as such in another insurance or reinsurance company, market observers believe this will lead to increased competition within the insurance business market given the unavoidable cross-pollination of managerial patterns, skills, and strategies as between Insurance and reinsurance companies within the country by retiring...
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