Board members of some insurance firms have interfered in management functions and contributed to their problems, the Acting Commissioner, National Insurance Commission (NAICOM), Mr. Sunday Thomas, has said.
He spoke yesterday during his opening remarks at the second Edition of the Conference for Directors of Insurance Companies organised by the Commission at Oriental Hotel, Lagos
He said the board is also expected to ensure the financial soundness and general wellbeing of the organisations by monitoring the management, to guarantee effective and efficient deployment of human and capital resources in the overall benefit of all stakeholders.
He however said the observance of this role has been lacking in some companies and which has contributed in no small measure to the challenges facing these companies today.
He stated that the desire of the Commission is to work with all stakeholders including members of the board of directors to reverse this trend.