Trade Associations and Bodies

Trade Associations and Bodies

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.

The Nigerian Insurers Association (NIA)

The Association is the trade group for all registered insurance companies transacting business in Nigeria. The NIA is primarily a self-regulatory body, and its functions include:

  1. Prescription and enforcement of self-regulation and code of ethics.
  2. The protection and advancement of the common interests of insurers transacting any class of insurance business in Nigeria.
  3. The creation of a better understanding of insurance by all sections of the society.
  4. Making input into government policies on insurance and acting as the mouthpiece of the industry.
  5. Training and development of all professionals and persons engaged in insurance business as well as sharing of experience at meetings of Technical Committees.
  6. 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 MarketName of the Association/Body
Reinsurance CompaniesProfessional Reinsurers Association Of Nigeria (PRAN)
Insurance BrokersNigerian Council of Registered Insurance Brokers (NCRIB)
Loss AdjustersInstitute of Loss Adjusters of Nigeria (ILAN)
Consumers i.e. buyers of Insurance servicesNational Association of Insurance Consumers in Nigeria (NAICN)
ActuariesNigerian Actuarial Society (NAS)
Insurance AgentsAssociation of Registered Insurance Agents of Nigeria (ARIAN)
Insurance EducationChartered Insurance Institute of Nigeria (CIIN)