Stories by David Agba with agencies
In line with plans to register fresh 3, 000 members that would spread the gospel of insurance benefits to the doorsteps of Nigerian before the end of the year 2018, the Chartered Insurance Institute of Nigeria ( CIIN) , has inducted more fellows and associates into its fold.
CIIN at the institute’s 2017 Graduation and Fellowship Awards Ceremony, called on the newly inducted members to embrace integrity, and avoid unwholesome practices that can tarnish the image of the nation ’ insurance industry.
The President, Funmi Babington-Ashaye, assured members that the responsibilities conferred on the institute by statute have continued to engender a robust platform for the propagation of insurance education in Nigeria.
In particular, the institute’ s professional examinations have become deep-rooted, and have for years, produced home- bred professionals, who have continued to perform creditably in their various endeavours. They have created value by deploying their expertise in risk management, efficient underwriting and the promotion of enterprise by helping to indemnify businesses and individuals against losses.
Babington-Ashaye explained that the policy of the council is all certificates issued remain the CIIN’s property, and could be withdrawn from the holders if the institute has good reasons to do so.
CIIN’s recent focus has been the promotion of insurance education and awareness with the aim of attracting the younger generation to the profession.
She said: “We have taken deliberate steps to enlighten the public about the invaluable benefits of insurance, introduce initiatives that will help to reposition the profession and industry as well as enhance its contributions to nation’s gross domestic product (GDP). It is my belief that the new Associates and Fellows we are celebrating today will effectively contribute their quota to achieve this initiative.
She also warned that “the attainment of professional qualification should not be seen as an end in itself, but a means to an end . It therefore behoves all holders of professional qualifications to be mindful of the efficacy of Continuous Professional Development (CPD ). As you are aware, the CPD has become institutionalised with varying degrees of enforcement by most professions.”
She said CIIN engenders a scheme, which requires all members to locate themselves in the point scoring index, referred to as the Mandatory Continuous Professional Development (MCPD) programme.
“No professional should exempt themselves from this scheme under the guise of extremely busy schedules,” she said, noting that the MCPD is, unarguably, an inalienable part of members’ professional development and should be treated as such.
She reaffirmed that the institute’s examination structure is a flexible and learner-friendly, and is geared toward motivating greater interest in the attainment of professional qualification.
Premium Pension begins monthly payment to retirees
Following the directive by the National Pension Commission (PenCom), for Pension Fund Administrators (PFAs ) in Nigeria to commence the payment of enhanced monthly pension to retirees effective December 2017, Premium Pension Limited (PPL) has concluded plans to settle retirees under them.
The Head, Corporate Communication, Paddy Ezeala, explained that the essence of the upward review of the monthly pension is to ensure that it synchronises with growth in pension funds, and also respond to the yearnings of the retirees . PPL said the increase of the monthly pension of all retirees on Programmed Withdrawal is due to the income earned on investment of their pension asset being managed by the Company.
The Acting Managing Director/ Chief Executive Officer, PPL, Kabir Ahmed Tijjani, said: “The upward review for the payment of monthly pension to retirees is a clear indication that Premium Pension fund rate has appreciated and become robust and more competitive in the pension industry.”
The payment of enhanced pension will apply to retirees with reasonable balances in their Retirement Savings Accounts (RSAs) , which has earned significant income overtime .
This is an indication that RSA holders are made to benefit from increased Return on Investment of pension funds.
